CySEC Extends Suspension of UBFS Invest for Capital Inadequacies

[kreslik.news]

Cyprus Securities and Exchange Commission (CySEC) announced today that the authorisation of Cyprus Investment Firm, UBFS Invest, powered by Moneychoice Brokers Ltd, continues to be suspended in contravention of the Investment Services and Activities and Regulated Markets Law 2007.

Finance Magnates first reported on the action taken by CySEC on 27th May when it first announced the company’s suspension following several allegations of multiple violations.

Violations of the Law

UBFS Invest originally had its licence put on hold due to its failure to protect its clients’ funds. The company was also pulled up for having funds which were less than the sum ... (read more)