Tag: Magnum FX

CySEC fine
August 02, 2022 BY Steffy Bogdanova

F1 Markets and Magnum FX pay €150K in settlement with CySEC

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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FCA bans sale of crypto-derivatives to retail consumers
June 02, 2020 BY Steffy Bogdanova

FCA bans Cypriot firms Hoch Capital, Magnum FX, Rodeler and F1 Markets from offering CFDs in the UK

FCA’s actions came as a response to insufficient information to the nature of the investments, some of the investors were pressured into making increasingly large investments in CFDs, which referenced bitcoin, foreign exchange, shares and indices. In some cases, investors were even encouraged to take out credit to make the payments. The firms also failed…

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