Cyprus financial regulator CySEC has announced that regulated CIF license holder Lionsman Capital Markets (Cyprus) Ltd renounced its authorization as of June 9, 2017.
We had reported last month that CySEC had issued a €90,000 fine to Lionsman, which used to operate Forex and Binary Options brokerages. CySEC did not specify the exact reason for the fine, but did state that a settlement has been reached with Lionsman regarding possible violations of Cyprus law.
Lionsman used to own and operate the OptionWeb binary options and NessFX retail FX and CFDs websites, however quite a while ago those brands were offloaded to two other CySEC licensed entities – OptionWeb to Spot Capital Markets Limited, and NessFX to FxNet Limited.
The full text of the CySEC announcement reads as follows:
The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on 9 June 2017, the CIF Lionsman Capital Markets (Cyprus) Ltd (‘the Company’), which provided investment services via the domain www.lionsmancm.com, renounced its authorisation, pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’). Therefore, the CIF authorisation with Νumber 175/12 lapsed as from the abovementioned date.
The Company is obliged to settle within a period of three (3) months, pursuant to section 24(3) of the Law, its obligations arising from the investment services that lapsed.
It is noted that, in accordance with section 25(4) of the Law, the Company remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that lapsed.
Nicosia, 10 August 2017