Tag: CySEC

Cyprus flag
April 22, 2024 BY Elizabeth Anderson

CySEC Slaps CIF MCA Intelifunds With €360,000 Fine

According to a press release on Friday, 19 April 2024, the financial watchdog’s board claims that CIF transgressed numerous regulations in the Investment Services and Activities and Regulated Markets Law of 2017. The decision follows an investigation conducted in September 2022. A breakdown of this fine includes €80,000 for not having adequate policies and procedures…

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CySEC fine
July 27, 2023 BY Steffy Bogdanova

CySEC imposes a €100K fine on BDSwiss

The company operates forex and contracts for differences (CFDs) broker BDSwiss and holds a Cyprus Investment Firm (CIF) license granted by CySEC. The regulator detailed that in 2021, BDSwiss allowed offshore companies associated with it to promote its CIF status, enticing clients with investment services in CFDs without the requiring customers to pay an initial…

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CySEC fine
July 14, 2023 BY Steffy Bogdanova

CySEC reacheds a €50K setttlement with Freedom Finance Europe for possible AML violations

CySEC assessed Freedom Finance Europe’s compliance during that period regarding procedures for client identification, due diligence. Furthermore, the financial markets regulator looked closely at the implementation of appropriate policies and controls for the detailed examination of each transaction and specifically particularly complex unusually large transaction or atypical patterns. The Cyprus watchdog announced that the company…

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June 20, 2023 BY Steffy Bogdanova

CySEC fines 101investing.com operator €50K

The regulator said: The Company did not apply adequate and appropriate policies, controls, and procedures, so as to mitigate and manage the risks of money laundering and terrorist financing effectively, in relation to the detailed examination of each transaction which by its nature may be considered to be particularly vulnerable to be associated with money…

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June 15, 2023 BY Steffy Bogdanova

Binance to withdraw registration of Cypriot business arm

Binance obtained its Crypto Asset Services Provider (CASP) license from CySEC in October last year, which allowed the exchange to offer crypto services such as pot, custodian, staking, and card services. The news comes a few days after the US Securities and Exchange Commission (SEC) announced filling 13 charges against Binance and its founder Changpeng…

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May 19, 2023 BY Steffy Bogdanova

CySEC warns against impersonators of representatives

The regulator further outlined that such in scams usually fraudsters claim to be officers or representatives of CySEC or real or fake authorities. The scammers usually claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via email which contains the name, address, official stamp and logo…

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April 24, 2023 BY Steffy Bogdanova

CySEC adds eight unregulated firms to warning list

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 services and/or investment activities. Earlier in March, CySEC added seven more companies to its warning list.

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FTX
April 12, 2023 BY Steffy Bogdanova

CySEC extends FTX’s license suspension until September

The Cypriot regulator initially suspended the license of the crypto exchange on 11 November 2022 following its collapse and extended the suspension once in December 2022 until March 2023. CySEC noted that during the suspension, the exchange is not permitted to offer or carry out investment services in the country or enter into any business…

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March 20, 2023 BY Steffy Bogdanova

CySEC announces withdrawal of ICF membership of three firms

Retail brokerage operator F1Markets withdrew its licence in December last year and it was confirmed by CySEC earlier last month. 1Markets had several brokerage brands under its operation, such as Investous, 24CM, and EuroPrime, but its operations were not without controversy. The company faced multiple compliance lapses and enforcement actions. In August of last year,…

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