CySEC Revokes the License of FXBFI Broker Financial Invest Ltd

On September 27, the Cyprus Securities and Exchange Commission (CySEC) announced the revocation of the Cyprus Investment Firm (CIF) license of FXBFI Broker Financial Invest Ltd.

FXBFI Broker Financial Invest Ltd operated with the brand name "101investing", providing investment services to retail foreign exchange investors.

According to the CySEC, FXBFI has violated local investment laws. In June this year, the regulator reached a settlement with FXBFI over the company's violation of the Investment Services and Activities and Regulated Markets Law and issued a €50,000 fine to the company.

CySEC audited FXBFI between July 2020 and January 2021 and found compliance violations. The firm failed to adopt effective policies, controls and procedures to mitigate risk in relation to money laundering and terrorist financing and had inadequate transaction reviews that were likely to exacerbate such criminal activity.

In addition, the firm failed to assess the suitability of customers as required and failed to fulfill its obligation to execute orders on the terms most favorable to its customers.