Revolut applied for authorisation in Cyprus to ensure it is under European regulations before the enforcement of EU's Markets in Crypto-Assets regulation (MiCA). MiCA aims to provide customer protection and fight scams, money laundering and other financial crime in the crypto world. The digital bank has also applied for registration in the UK with the…
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Specifically, the settlement concerns compliance with firm's marketing, distribution and sales of CFDs to retail clients. CySEC stated: Α settlement has been reached with the CIF ICC Intercertus Capital Limited for possible violation, for the period January 2020 until May 2021 of Article 42 of Regulation (EU) No 600/2014 on markets in financial instruments («the…
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The regulatory concerns were related to the firm’s CIF license conditions, organizational requirements , conflict of interest, elements of remuneration and general principles and information to clients. CySEC’s settlement with Magnum FX came after an investigation, following an onsite inspection in the company regarding the period from January 2019 to July 2020. Similarly to F1…
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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…
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The settlement follows an investigation into Triangleview Investments involving compliance omissions regarding protection of clients’ funds during the period between December 2021 and February 2022. 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…
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Kris Marszalek, Co-Founder and CEO of Crypto.com, said: Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to…
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Chairman of Cyprus Securities and Exchange Commission (CySEC), Dr. George Theocharides, said: To achieve CySEC’s mission to exercise effective supervision, ensure investors’ protection and the healthy development of the capital market, CySEC is adopting changes to its supervisory processes when it comes to monitoring cross-border activities. This will ensure that poor practices and possible violations…
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Theocharides added: It is particularly worrying that already low financial literacy levels are also declining and this has exacerbated the risk of young people not fully understanding the unique characteristics and risks that trading in these products can carry and many will get in over their head. CySEC further raised concerns over the growing endorsement…
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CySEC stated: Α settlement has been reached with the CIF BCM Begin Capital Markets CY Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. The settlement follows an investigation into the company's operations from January 2021 to April 2022. Earlier in June, CySEC announced…
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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 June, CySEC added six companies to its warning list.
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