Category: Regulations

CySEC regulation
March 15, 2023 BY Steffy Bogdanova

CySEC reports 4% increase to 837 in regulated entities and imposing €2.9 million Fines in 2022

The Chairman of CySEC, Dr George Theocharides, announced that the supervisory role will be expanded to include European Crowdfunding Service Providers (ECSPs) and Providers of Pan-European Personal Pension products (PEPP). The regulator also plans a technological upgrade in 2023 and an increased focus on investor education, including the establishment of an annual award for two…

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March 10, 2023 BY Steffy Bogdanova

CySEC adds seven more unregulated firms to warning list

Additionally, the Cypriot regulator warned the public that the website www.ims-crypto.com is not connected to an entity registered with CySEC as Crypto Asset Service Provider. The Cypriot watchdog stated: CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment…

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ASIC ban
March 09, 2023 BY Steffy Bogdanova

ASIC stops Interactive Brokers from issuing SYEP derivatives to retail investors

The regulator stated in the official announcement: ASIC made the interim orders to protect retail investors from acquiring SYEP Derivatives where they may not be suitable for their financial objectives, situation or needs. ASIC is also concerned that the PDS is defective. According to ASIC, Interactive Brokers violated the regulations regarding TMD of SYEP Derivatives…

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Hong Kong regulator SFC
March 06, 2023 BY Steffy Bogdanova

SFC bans former Citigroup Global Markets Asia officer for 10 years

When a trader told a client that CGMAL advertised facilitation flow using "Natural" IOIs, Shaw instructed the trader to deceive clients about the source of liquidity behind such IOIs. Furthermore, he misrepresented the client to maintain the falsehood created by the mislabeled IOI. Since at least 2015, Shaw has provided inaccurate information to clients or…

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FCA
February 24, 2023 BY Steffy Bogdanova

FCA announces compensation for 24HR Trading Academy Ltd victims

Background The 24HR Trading platform provided trading signals to clients, promising significant profits if they followed the instructions sent via WhatsApp and other messengers, involving CFDs contracts on currencies and commodities. However, the platform did not hold the necessary regulatory license, and the FCA issued a warning against it in September 2019. The regulator froze…

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FSMA
February 23, 2023 BY Steffy Bogdanova

Belgium regulator FSMA warns against unlicensed trading platforms

Additionally, FSMA pointed out a common offer among such online trading platforms includes “affiliate program” that may be a sign of a pyramid scheme. The regulator warned that fraudulent trading platforms may act very aggressively and scammers can try to convince their victims to take control of their computer remotely in order to make money…

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February 09, 2023 BY Steffy Bogdanova

CySEC withdraws CIF licence of F1Markets

F1Markets states the following on its website: We regret to inform you that our Company has decided to renounce its authorization and therefore please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to…

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FCA
February 03, 2023 BY Steffy Bogdanova

FCA asked firms to amend or take down 8.5K adds in 2022

FCA highlighted that t has made improvements to the digital tools it uses to detect problem firms and problematic advertisements, allowing the regulator to work on a larger amount of cases compared with 2021. ‘Fin-fluencers’ were pointed out as a growing concern as the regulator warned that unauthorized individuals should not give advice on certain…

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February 03, 2023 BY Steffy Bogdanova

Italy’s Consob blocks 5 unauthorised firms

The financial services platforms offer high-risk investment instruments such as forex instruments and contracts for differences(CFDs), shares and other asset classes and cryptocurrencies. One of the entities on the lists claims to be fully EU regulated broker but has not specified details on its license. Consob has the authority to block websites offering illegal financial…

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ASIC ban
January 30, 2023 BY Steffy Bogdanova

ASIC bans Bradford AI for four years for providing unlicensed FX trading services

CFDs are leveraged derivative contracts and are regarded as a high-risk product. ASIC takes the regulation of offering such instruments very seriously and imposes heavy penalties on unlicensed CFD traders. Additionally, the Australian regulator found that Finerty mislead and deceived his clients about the performance of Robot 1 and “directed or assisted” clients to mislead…

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