AFX Group license suspended by CySEC. Is this the end of the STO FS broker?

Cypriot financial market regulator, CySEC, suspended the company's license AFX Capital Markets on 10 days. This company belongs to, among others forex broker STO FS, which at one time tried to enter the Polish market effectively. Meanwhile, the AFX website has been blanked.

Strona www.afxgroup.com without any bookmarks and information.

Customer funds at risk according to CySEC

The AFX Group received the CySEC license in July of the 2010 year. Even after 9 years of activity, a crisis has emerged that may no longer survive. Suspension of the license is dictated by the suspicion of breaking the rules that regulate the storage of customer deposits. It is not clear what exactly CySEC did not like and where suspicions arose. We only know that they have proved sufficient to suspend the company's license. And this has serious consequences.

During the suspension of the license, the investment firm may not:

• accept new clients,
• contain any new business transactions,
• advertise as a financial services provider.

The history of Cypriot brokers shows that the suspension of the license is practically the beginning of the end of business. Bad PR, fast outflow of customers for fear of security of funds and downtime in business is a serious nail to the coffin, which virtually nobody in recent years has been able to take out for good. Will it be the same with the AFX Group and the STO broker? We will see soon.

Payments blocked?

The 19-day downtime AFX Group was to spend on taking action, meeting regulatory requirements and providing explanations. CySEC's decision was made on July XNUMX, which means that it is now on the third day after the deadline. Interestingly, the AFX Group website is "black", but the STO FS website is working. In accordance with the regulations, an annotation was added on the home page about the suspension of the license with a redirection to the decision of the Cypriot regulator.

Information on the suspension of the AFX Capital Markets license from STOFS.com.

However, there is no official decision to extend CySEC's decision or cancel it.

Despite the suspended license, the investment company is obliged to execute orders to withdraw funds from its clients. The problem is, however, that this option has been OFF in the client's panel.

The STO FS Customer Panel. The withdrawal option is inactive.

We contacted the broker to determine if there is any other payment option. After a moment of conversation, we received a prepared formula that the options are two:

1. Withdrawal request in the client's panel (inactive option)
2. Sending the instruction by email to the address backoffice@afxgroup.com.

We do not know if and if so at what time payments are made.

The AFX Group includes the following domains:

• http://www.afxcapital.com/
• http://www.stofs.com
• http://www.stoaffiliates.com
• http://www.afxaffiliates.com
• http://www.market-technologies.com
• http://www.quanticaffiliates.com
• http://www.quantic-am.com
• www.afxgroup.com

The official CySEC message