Cyprus’ CySEC says FX brokerage software co AirSoft not under its regulation

Cyprus’ CySEC says FX brokerage software co AirSoft not under its regulation

AirSoft CySEC

Software provider for forex and binary options brokers AirSoft, operating via www.airsoftltd.com, has not been licensed by the Cyprus Securities and Exchange Commission (CySEC) and is not authorized to offer financial services in Cyprus, the commission said in a notice on Thursday.

“The company […] is not authorized to provide investment and ancillary services in the Republic and it is not regulated by the Commission,“ the CySEC said.

AirSoft  presents itself as a software provider and claims it is regulated by the Cypriot financial watchdog, but the CySEC noted it does not regulate software provider entities. CySEC regulation allows brokers to operate on the markets of all other EU member states.

The regulator refers to misleading advertising messages published on the website of the company, stating that it is regulated by the Cypriot financial watchdog. Our research shows that the company has removed the statements on its website regarding being regulated by the CySEC. International media cited the statement as reading: “AirSoft offers CySEC regulation, one of the leading EU regulations available today.”

However, the company has left a statement on its website that states that, through a partnership agreement with Cypriot investment company AirFinancePro, AirSoft meets regulatory requirements so its clients can offer a fully EU regulated brand to investors.

AirSoft is a provider of software solutions and end-to-end business consulting services for forex and binary options. It develops platforms for trading and help clients launch a brokerage business.

Source: CySEC

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