CySEC Withdraws CIF License of FX Boker Belight Capital Group

The Cyprus Securities and Exchange Commission(CySEC) announced on Friday that it has decided to withdraw the Cyprus Investment Firm (CIF) License with Number 364/18 of Belight Capital Group Ltd.

The decision was made at a CySEC meeting held on 1st March 2021. The cypriot regulator has decided, pursuant to article 9(3)(b) of the DI87-05 Directive on Revocation and Suspension of an Operating License (‘the DI87-05’) and articles 8(1)(a), 8(1)(c) and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017, to withdraw the company's license.

Let's recall that, CySEC announced the suspension in whole of the Cyprus Investment Firm (CIF) authorisation of Belight Capital Group Ltd on 8 April 2020. The watchdag argued that Belight Capital Group Ltd performed investment activities for the six months preceding the decision for the suspension of its license. 

According to the official press release, the company is required to publish a note on all its websites, an announcement highlighting the CySEC decision on withdrawing their license. Also, the firm should return all the funds and financial instruments belonging to its clients, including any profits.

“Ensure it does not provide investment and ancillary services, other than those that are necessary for the completion of the pending transactions on behalf of the Company and its clients, as per their instructions,” the CySEC added.

As Fazzaco reported earlier, CySEC issued a warning against a number of unregulated financial firms​, including those that offer forex trading services without a license.