In an announcement dated at 18 February 2015, Cyprus Securities and Exchange Commission (CySEC) suspended the license of Cyprus-based forex broker FXPulp. Consequently, in the next 10 days, FXPulp have to cease activity while taking actions to comply with CySEC provisions.

In an announcement dated at 18 February 2015, Cyprus Securities and Exchange Commission (CySEC) suspended the license of Cyprus-based forex broker FXPulp. Consequently, in the next 10 days, FXPulp have to cease activity while taking actions to comply with CySEC provisions.

FXPulp License Suspended
The announcement was made due to suspicions of alleged violations on two accounts. According to CySEC, FXPulp may have violated rules in regard of operational requirement and safeguarding of clients' funds, as well as Money Laundering and Terrorist Financing Law. Because of that, FXPulp is given ten days to take actions in regards of those allegations. Meanwhile, they are not allowed to provide any investment services/activities, and have to return client's funds if clients so wish.

However, at the last peek into FXPulp website at www.fxpulp.com before this news was written, there is no announcement regarding the suspension yet. Instead, its regulations page is still proudly displaying CySEC's name along with statement that they are regulated under MiFID directive.

Founded in 2008, FXPulp is the brand name owned by Pulp International Business Ltd with headquarter in Limassol. The company promotes Micro, Mini, and Standard Accounts with a hundred percent or more bonus deposit and one-on-one free training session on all accounts. At a glance, it seems there is nothing to sneeze at. However, Forexmagnates noted back in 2009, FXPulp probably has the same owner with Crown Forex that was shut down by Swiss regulator FINMA at the time.