FXOpen and Basel Financial banned by the Mauritius Financial Service


FXOpen and Basel Financial banned by the Mauritius Financial Service

Direct link: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=40fb17f6-1361-4a67-b866-2aa765db2293

Fri, May 28 2010, 09:30 GMT

FXstreet.com (Barcelona) - The Mauritius Financial Services Commission (The Commission) has decided to revoke the license of FXOpen and Basel Financial Firms. In a 27th May statement, the Commission stated that these two companies, among others four, are hurting the financial reputation in Mauritius.

"The Commission having reasonable grounds to believe that the revocation of the Global Business Licenses issued to the undermentioned companies is necessary to protect the good repute of Mauritius as a centre for financial services and to protect investors," says the statement.

In addition to FXOpen and Basel Financial Firms, the Global Business Licenses of the following companies are being suspended forthwith: AEcnFX (Mauritius) Ltd, FXCOMPANY FINANCIAL GROUP LTD, FXMarkets Ltd, WORLD DERIVATIVES TRADERS LTD.

The Commission's Chief Executive has ordered an investigation on the back that the Commission has reason "to believe that the above companies are carrying or are likely to carry out activities that may cause serious prejudice to the reputation of Mauritius."

"It is very good news that even body regulators from safe haven countries known for their regulatory laxity," comments Francesc Riverola, FXstreet.com's CEO, "put themselves to work and clean the Forex landscape from not welcome firms."