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Following a long period of suspension for the Cyprus license of Moneychoice Brokers Ltd backed and Cyprus Investment Firm UBFS Invest, the Cyprus Securities and Exchange Commission has now announced that the company license has been officially canceled by the regulating firm.

The company is known for being an FX trading system provider for both single and group of customers from certain institutions and a provider of portfolio management services to clients.

From a suspension that started back in May until its official and permanent suspension, the Cyprus-based investment firm has been called into attention by the CySEC before for non-compliance of terms and allegations received by the regulating firm of violations in numerous instances resulting in two more extension of the initial suspension in June and another one in August this year.

By September the suspension of the license went on as more allegations and violations were reported. It was also during around this time that CySEC announced their intention to permanently cancel UBFS Invest license.

Investigations were also started then to whether the investing company has really committed the volume of violations which was received by the regulator and to whether a withdrawal was possible.

A deadline then was given to UBFS Invest to meet specific provisions in line with the suspension of their license. One of the claims of non-compliance with the regulator’s terms includes the non-protection of the client’s money and investment without enough information on the safety of their funds.

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The investment company also has been reported of non-compliance with the capitalization of their client’s investment while it has also failed to reach the requisite capital requirements set by the CySEC.

The website of the said company now shows a pop-up message regarding the suspension of their license from the CySEC. The company currently needs to settle all their outstanding balances to their clients and address each of the complaints filed against UBFS Invest.

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