The National Bank of Hungary has revoked Buda-Cash’s licence, initiating liquidation proceedings against the brokerage firm. Shortfalls uncovered by the central bank and data compiled by an oversight commissioner show that Buda-Cash does not have enough funds to cover client settlements. Clients will be compensated through the Investor Protection Fund (Beva).
The National Bank of Hungary also withdrew the operating licences of small banks held by the DRB banking group, which is involved with Buda-Cash.
