Best Choice FBC barred from offering investment services

Analysis

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Cyprus-based investment service provider Best Choice FBC has been suspended by the Cyprus Securities and Exchange Commission (CySEC) and therefore cannot provide investment services in Hungary, the National Bank of Hungary (MNB) said today, Hungarian news agency MTI reported.

CySEC informed the MNB of its decision to suspend Best Choice on July 25, and published the decision on August 9, the MNB said. 

Best Choice acquired the right to provide certain investment services in Hungary on October 16, 2014, but it can now perform no services other than closing open deals for customers and paying clients their funds for as long as its suspension by CySEC remains in effect, the MNB said.

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