Cypriot regulator imposes EUR 10,000 fine on WGM Services

Cyprus Securities and Exchange Commission (CySEC) today announced its decision to impose an administrative penalty on WGM Services Ltd, a investment firm that owns binary options brand EZTrader and forex broker EZInvest.

The administrative measure consists of a EUR 10,000 fine. The regulator said the penalty reflected the fact that WGM Services’ websites and kept offering investment services during the time the license of WGM Services was suspended by CySEC. This means the company breached Article 26 (5) of the Investment Services and Activities and Regulated Markets Law of 2007.

The issue concerns the period between November 20, 2014 and December 22, 2014, during which the Cypriot regulator had temporarily withdrawn WGM’s CIF license. The suspension was eventually revoked and the company continued its normal business.

In determining its decision on the penalty, CySEC took into account that the company had put in place corrective measures.

To view the official announcement by CySEC, click here.

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