Cyprus financial regulator CySEC has once again extended the retail forex broker UBFS Invest (full legal name: UBFS Invest Powered By Moneychoice Brokers Ltd)’s suspension.
CySEC has stated that UBFS appears to be non-compliant with Cyprus’ law of protection of client funds, its own funds appear to be less than the sum of its capital requirements, and its total capital ratio appears to be less than the requirements of the Regulation.
CySEC’s decision was reached due to the fact that the aforementioned alleged violations may possibly endanger the company’s clients’ interests and generally the smooth operation of the capital market.
CySEC’s full note on the matter can be seen here.