CySEC settles with IronFX, imposes fines on FXGM, EZTrader, Interactive Option, UFX and others


Cypriot financial regulator CySEC has released the first round of its findings following comprehensive reviews of the operations of a number of CySEC-regulated brokers in both the Forex and Binary arenas.

CySEC logoCySEC’s initial review has resulted in fines for a number of brokers, ranging from €123,000 up to €340,000. In addition to the fines, CySEC announced a settlement with IronFX, which has been lately under close regulatory scrutiny by CySEC. In total, the fines and settlements add up to more than €1.3 million.

The fines were as follows:

  • WGM Services Ltd (operator of EZTrader, EZInvest and Global Option): €340,000
  • Pegase Capital Ltd (operator of InteractiveOption, HelloBrokers and MTX Plus): €300,000
  • Depaho Ltd (operator of GTCM and FXGM): €233,000
  • Reliantco Investments Ltd (operator of UFX and UFXMarkets): €123,000

In addition to the fines, as noted above CySEC settled all charges against IronFX, agreeing to a €335,000 settlement with the company.

We believe that there is yet another round of such announcements to come, after CySEC completes its review of other leading CIF license holders in the country, likely due out before the end of December.

More on the round of fines (and settlement) can be seen in the Board Decisions section of CySEC’s website.

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  • Paulo Smith

    Much more objective coverage than Finance Magnates. Well done.

  • Chuck

    Does this mean IronFX will pay out the withdrawals that have been pending for months?

    • Little Drummerboy

      Here it goes again, people paid to bad-mouth Ironfx. If even a third of what was said about them was true they wouldn’t be getting just a small fine. Cysec an’t exactly the FCA, but they were up Ironfx’s ass the past months. If there was anything really bad going on there like not playing client withdrawals they wouldve found it.

  • Ken

    Got to love Cysec……priceless.

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CySEC settles with IronFX, imposes fines on FXGM, EZTrader, Interactive Option, UFX and others

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