Banxso Pauses to Accept Clients Under Its Cypriot Financial License

According to an notice on Banxso.eu, the Forex broker is not accepting new clients under the Cyprus financial license.

“We would like to inform you that Banxso Ltd with License Number 413/22 operating under the name banxso.eu, is not accepting any clients for the moment.”

Banxso obtained a financial services license from the Cyprus Securities and Investment Commission (CySEC) on October 2022 to provide relevant services to retail clients.

According to information on CySEC's website, the license is still effective for authorization.

Banxso did not disclose the reason for suspending the client acceptance, but the broker's recent situation does not seem good.

Recently, Banxso's financial license in South Africa was suspended by the local regulator.

According to the Financial Sector Conduct Authority (FSCA) in South Africa, Banxso may posed risk to investors because of aggressive sales tactics employed by its staff and advertisements involving deepfaketechnology.

The regulator also found that the broker may have continued to conduct financial services business while its license was suspended and is investigating the matter. Some clients claimed that Banxso encouraged them to invest more money to cover trading losses.