The Cyprus Securities and Exchange Commission (CySEC) revealed on Tuesday that it has decide to withdraw the Cyprus Investment Firm authorisation of MPS Marketplace Securities Ltd (MPS), formerly known as SpotOption Exchange Ltd and S.O. Spotoption Ltd.
The regulator’s decision follows the company voluntarily renouncing its license. The regulatory action was confirmed on 11 July 2022.
According to MPS’s website, the firm provided deep-liquidity solutions primarily to companies in the forex and CFDs industry.
The reasons behind the MPS renouncing the license were not disclosed in CYSEC’s press release, however the company has faced regulatory issues in the past.
The Cypriot regulator suspended MPS’s CIF license for a year in September 2019 on suspicions of an alleged violations of the law that may cause concern and risk relating to the protection of the firm’s clients.
CySEC recently tightened supervision on CFDs brokers as it introduced additional controls to strengthening investor protection. The regulator warned brokers that if they repeatedly have issues with compliance, they will see “significantly higher” fines or they might even have their CIF licence suspended or revoked.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.