Cyprus’ CySEC warns Starfish FX’s license stays non-active

Cyprus’ CySEC warns Starfish FX’s license stays non-active

The Cyprus Securities and Exchange Commission (CySEC) issued a notice on Thursday, warning that the license of forex and binary options broker Starfish Markets has still not been activated.

Starfish Markets received a license from the CySEC for provider of financial and ancillary services in December 2015. Since its license is not activated yet, the broker is not permitted to provide any type of financial services or to obtain clients’ money or financial instruments.

Following regulatory amendments from mid-2015, financial entities receive a non-activated CySEC license, which later the regulator activates. However, licensees first need to meet certain condition in order to receive an activated license status.

The Cypriot authority said it has received complaints that Starfish Markets has begun operating and will investigate the signal.

The broker keeps a register of all licensed forex brokers and their license status, which is available to the public.

New Zealand-based Starfish Markets operates under the trading brand Starfish FX.

It offers trading in 250 forex and binary options instruments to both retail and institutional clients, focusing on the Asian markets.

The broker is a member 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.

Cyprus is a destination where many brokers chose to obtain a license. It is relatively easier to comply with the CySEC’s licensing and regulatory requirements than with those of other large authorities, yet a CySEC license provides safety and security to investors. Moreover, a license by the CySEC ensures access to the markets of all other EU member states, as well.

Other brokers that are regulated in Cyprus include FxProXMFXTMEXNESS, Trading212Hot Forex, and IronFX.

Source: CySEC

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1 Comment

  1. I believe the company to be a scam. I have an account with them since the time when they were registered in New Zealand. In recent times I have experienced technical issues logging into my MT4 account on the mobile app, and the Members Area on the web. They have not been resolving the issues and I am unable to perform basic functions like update profile, deposit and withdrawal.

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