AMFL Ltd Loses CySEC License
CySEC, the Financial Regulator for the Cyprus Region, announced another firm that has lost its license. On November 22nd, 2019 the AMFL ltd Corporation lost their CIF License from CySEC.
The lost of license was a mutual decision, with AMFL Limited determining that it will abandon its retail brokerage and binary options services. Some estimate that the firm has filed for bankruptcy after three consistent years of lower profits. Unfortunately, there hasn’t been any confirmation as to why the business has shut down at AMFL Ltd.
The official statement from the Cyprus Securities and Exchange Commission noted that the two entities had a meeting on November 8th, 2019. CySEC determined that they would pursue section 8 1.A from the Investment Services and Activities Regulated Markets Law of 2017. They also will be seeking section DI187-06 of the saw set of legislation. They will enable both parties to mutually part from one another without any lingering costs or side effects for traders.