The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the Cyprus Investment Firm authorisation with Number 174/12 of Sonaf Business Ltd.

The withdrawal is done pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. CySEC notes that the regulatory move reflects the company’s decision to expressly renounce its CIF license.

Sonaf Business Ltd operates FX business brand SonaFX. The website of SonaFX is active but includes the following notice:

“IMPORTANT NOTICE – RENOUNCEMENT OF AUTHORISATION We would like to inform you that the Company had decided, under its own initiative, to renounce its CIF license with authorization number 174/12 as of April 21st 2021. Therefore, starting April 21st 2021 and thereafter, the Company will not accept any new clients and existing clients will not be able to trade on their account or to enter any positions unrelated to the closing/termination of their open positions. Clients who have eligible funds in their account, are kindly requested to send a withdrawal request at info@sonafx.com and will be refunded the full amount of their eligible funds (in accordance with the Company’s Terms and Conditions). For further information, contact us on info@sonafx.com”.