CySEC suspend Cedar Finance

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CySEC Quick to Suspend TBSF CedarFinance.com After One Month of Registration

The Binary Options Broker T.B.S.F BEST STRATEGY FINANCE LIMITED, the legal entity established in the Republic of Cyprus that owns

The Cyprus Securities and Exchange Commission (CySEC) has today posted a communication suspending TBSF Best Strategy Finance Limited, a Cypriot Investment Firm (CIF).

TBSF is the owner and operator of binary options website CedarFinance.com, and the suspension gives it 30 days to comply with rules that CySEC deemed the company may have fallen out of compliance with, according to an official press release from CySEC.

The announcement comes just over a month after the firm received its CIF license, and the decision was taken by CySEC because the potential violations referenced appear to seriously endanger the interests of the Company’s customers and the proper functioning of capital markets, as described in the CySEC issued press release (unofficially translated from Greek – see excerpt below).

According to legal and administrative sources familiar with CySEC registration and compliance procedures, Forex Magnates confirmed that when CySEC issues a CIF license for an existing Binary Options broker who used to operate under the grace period (like CedarFinance), there is a condition set by CySEC whereby the broker must meet certain obligations arising from the law within a specific time frame.

Based on CySEC’s announcement, it seems this company did not meet those conditions within the specified time frame and hence the suspension of their license.

The regulatory watchdog of Cyprus is becoming faster in policing its members, with the latest announcement coming just weeks after the firm had received its CIF license as mentioned above. It’s not clear why the alleged violations occurred for such a newly licensed firm.

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The Commission announces that the authorization of the Cyprus Company Investment Services , TBSF Best Strategy Finance Limited, No. 213/13 , has been suspended under Article 26 ( 2 ) of the Investment Services and Activities and Regulated Markets Law, as suspected for any breach of the conditions for authorization and in particular Articles 10 (1) – Original Chapter 11 – Founding document , 12 – Persons effectively direct 13 – Shareholders , 28 – Continuing Obligations , 33 – Shareholders .

The above decision was taken because the above potential violations appear to seriously endanger the interests of the Company’s customers and the proper functioning of the capital markets .

The Company shall, within one month , to take steps to comply with the above provisions.

Provided that for the duration of the suspension of the license , the Company may, under Article 26 (5 ) of that Act , to provide and / or presenting it provides – directly or through its website www.cedarfinance.com – any investment and ancillary services .

A company spokesperson declined to comment to Forex Magnates, after we had reached out to some of CedarFinance.com staff members who seemed surprised by the news.

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Forex Magnates will follow this situation closely for further developments.

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Cedar Finance Scam Uncovered – Review Explains How To Get Your Money Back

Today we are going to review an interesting and illusive broker, Cedar Finance that was introduced through a seemingly exceptional online trading platform. The website was amazing, easy to navigate and operate, even the beginners were comfortable right from the word go…

Cedar Finance offered more than 70 assets, including stocks, indices, forex, and commodities. The returns ranged from 68% to 81%. The broker retained from 5% to 10% of the original capital to keep the traders from complete loss.

How did this broker service? What’s interesting about this platform? How significant are Cedar Finance scam warnings? Let’s have a look!

Cedar Finance Review Summary

Summary: Cedar Finance was without a doubt a scam binary options broker however it now looks like they’ve closed their website down which is some good news at least. The problem though is that it appears they may have now simply launched under the new name of Pine Options, so it’s safe to say that we don’t recommend either. If you have already lost money to Cedar Finance though then keep reading to see how you can get it back.

Quick Navigation

We have took an in-depth look into Cedar Finance & as a result this review is likely to become quite lengthy, however we appreciate that you might have came here looking for some specific information so we’ve put together some quick navigation links below to make things easier for you.

Cedar Finance Background

The website is not available and the broker has vanished. When it was functional, the website didn’t mention any operating company. There were only phone numbers from various regions including the US, Cyprus, France, UK, Australia, and International VOIP.

You don’t find Cedar Finance on the internet these days. All you see is the material and reviews from the previous years. But we managed to extract something interesting. In an anticipation of accessing the original Cedar Finance website, we tried to search it from various resources but found that the domain was frozen and closed.

In addition, we reached www.cedar-finance.weebly.com

Well, that’s something interesting. The broker helping others to generate big profits isn’t able to purchase a custom domain. This malicious page contains pleasing content about Cedar Finance. We tried to dig in further. The page redirected us to https://www.pineoptions.com/cedar-finance-login/

It is clear that the broker is actually involved in another activity dealing in the same industry. What does Cedar Finance have to do with Pine Options?

In addition, Pine Options website was also similar to that of Cedar Finance. We are convinced that Pine Options is actually a replacement of Cedar Finance.

There is something more to consider. Both of these platforms look identical to Ivory Options. It was another scam broker who left the scene after disappointing its clients. We can safely conclude that Cedar Finance was not isolated. The same team must have been involved in multiple scams. You need to stay alert because we don’t know which new brand they are using as a cover.

Is Cedar Finance Regulated?

According to some sources, Cedar Finance is owned by T.B.S.F. Best Strategy Finance Ltd. in Cyprus. The registration number is HE 279560. Even if it is true, registration doesn’t mean anything. And we can’t even confirm if this registration number belongs to CySEC. We can only tell you that the CySEC regulation number has a different serial pattern.

Cedar Finance was NOT regulated. Their support team continued to make false promises that the broker was in the process of getting regulated with CFTC (US). Nothing was true. They were operating from Cyprus, then first they had to address their legal status in Cyprus. It was simply a trap for the US citizens which probably didn’t work. In addition, there were dozens of scammy YouTube videos praising Cedar Finance. All those videos featured paid content.

Cedar Finance Complaints

There is not a lot of information available about Cedar Finance for the fact that this broker never managed to attract a significant number of traders. We have analyzed that it was an utter lack of professionalism. They outsourced video editors, they promoted paid content on free Weebly Trial domains. They redirected the visitors to another website. Why a broker (Pine Options) does is promoting another broker on its own website?

Cedar Finance Withdrawal

Cedar Finance offered wire transfer, Credit Card, and Moneybookers (Skrill) as the modes of withdrawal. You have to present your identification documents before submitting the withdrawal request for the first time.

No fee was charged for a withdrawal via Credit Card. $25 was charged for a withdrawal via wire transfer (Less than $500). For anything above $500, 5% was charged as a fee for the withdrawal via wire transfer.

Is Cedar Finance a Scam?

We are convinced that Cedar Finance scam alerts should have been more obvious and frequent. This broker is actually operating different platforms.

You need to stay away from Pine Options and Ivory Options as well. Luckily, Ivory Options is no more functional, but Pine Options is still there. It is also unregulated and there is no need to bite the dust by trusting such scammers.

Our Verdict on Cedar Finance

We DO NOT recommend Cedar Finance, Pine Options or any of the unregulated broker. We are happy to realize that Cedar Finance or its sister entities didn’t manage to trick as many traders as they wanted. It was because their websites were too simple to attract the experienced traders. The platforms looked good enough for the beginners, but big investors don’t like a platform that tries to teach them like a boss. This is how human psychology works. Experienced traders also bite the dust by trusting such scam artists, but the people behind Cedar Finance aren’t good enough to make a big score.

Get Your Money Back From Cedar Finance

Did you fall victim to the Cedar Finance scam? That is obviously not an ideal situation, however you can rest assured that you’ve landed in the right place as we can show you how you can get your money back.

We’ve put together a free money reclaim guide which outlines the exact steps you can take to get your money back from binary options scammers & it has been proven to work for thousands of people to date.

So if you too have found yourself scammed by Cedar Finance or any other binary options scam broker for that matter then we highly recommend you check it out & follow the steps.

The Best Way To Make Money Legitimately

If you haven’t been scammed by Cedar Finance but were simply looking into them in the hope that you might have been able to make some extra money then don’t worry – even though Cedar Finance are scammers there are still plenty of legitimate opportunities to make money.

Here at Stopping Scammers we’ve come across many legitimate opportunities whilst carrying out our investigations however there has been 1 opportunity in particular which has stood out from all of the rest.

In fact we believed that this opportunity was so good that we even went as far as to name it our number 1 recommendation for working from home.

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