The Cyprus Securities and Exchange Commission (CySEC), the Cypriot financial regulatory body, issued a notice on Tuesday, saying that it has granted a license to forex and binary options broker Starfish Markets to provide investment and ancillary services in the country.
The license was issued on 18 December, 2015 and is currently non activated.
In July 2015, the CySEC made regulatory amendments, under which once a company receives a license (a non activated one), it will also get certain conditions which it has to meet in order the license to get activated. The broker will not be permitted to provide any type of services, for which it has received authorization, until it has fully complied with the conditions of its activation.
Many brokers chose to obtain forex broker license in Cyprus. Brokers need to comply with a number of requirements in order to be granted a license, and the ongoing regulation in the country is strict, and all this makes a broker more secure and attractive to traders. Moreover, a license by the CySEC ensures access to the markets of all other EU member states, as well.
Starfish Markets, operating under the trading brand Starfisth FX, is based in New Zealand. It is part of the Financial Services Complaints Ltd (FSCL), an independent New Zealand not-for-profit External Dispute Resolution (EDR), which provides dispute resolution service to its members and their clients.
The broker offers trading of 250 forex and binary options instruments to both retail and institutional clients, focused in the Asian markets.
Other brokers that are regulated in Cyprus include FxPro, XM, FXTM, EXNESS, Hot Forex, and IronFX.