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The Cyprus Securities and Exchange Commission (CySEC) has announced that the license of Cyprus Investment Firm (CIF) Atlas Capital Financial Services Ltd, which is the parent company of ACFX, has been suspended.
According to the regulatory announcement there could be enough evidence for non-compliance with a set of regulatory provisions. The announcement comes after a report by Finance Magnates earlier this month that Chinese clients of the firm have been experiencing issues with their withdrawals.
The company’s Chief Marketing Officer has left the company, Finance Magnates confirmed. The Managing Director of ACFX Petar Gazivoda was not immediately available for a comment.
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