Cypriot financial markets regulatory authority CySec has today issued a warning to potential investors against binary options provider Cedar Finance, which operates under the website www.cedarfinance.com, as well as associated sites www.regaloptions.com and www.brokeragecapital.com all of which are owned and operated by a firm named P.M. Investment Capial Ltd.
The very short message from CySec advises that P.M. is authorised (no. 243/14) by CySEC to provide investment services in relation to financial instruments but is not allowed, for the time being, to provide such services, through the above websites and/or in any other way, as it has not complied with CySEC’s recommendations, which were set as a prerequisite for its activation.
CySEC is further investigating the matter and urges investors to be duly cautious when
choosing the persons to conduct business with.
A point of interest is that Cedar Finance had its license revoked by CySec in June 2014 after the regulator ruled that the company which at the time was using the name T.B.S.F. Best Strategy Finance Ltd but operated under the same www.cedarfinance.com website, failed to comply with Article 28 (1) of the Act as not complying with the conditions for authorization under Articles 12 (3) and 13 (2) of the Act.
At that time, CySec noted that the firm had committed a serious infringement of Article 26 (5) of the Act having provided services while its license was suspended (date of suspension of license on Dec. 19, 2013).
It was noted that the company should cease forthwith to provide investment and ancillary services and to settle within three months of its obligations arising from the investment and ancillary services may no longer be provided.
For the official announcement from CySec, click here.