CySEC | FinTelegram News

Category: CySEC

May 13, 2024

New SEC and FinCEN Rule Aims to Bolster AML Efforts in the Investment Adviser Sector

The U.S. SE) and the U.S. FinCEN have introduced a new regulatory proposal aimed at enhancing anti-money laundering (AML) and countering the financing of terrorism (CFT) protocols within the investment adviser sector. This proposal mandates SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to develop comprehensive Customer Identification Programs (CIPs).

February 8, 2024

CySEC Confirmed Leverate’s Voluntary CIF Licence Revocation!

The Cyprus Securities and Exchange Commission (CySEC) has formally accepted the withdrawal of the Cyprus Investment Firm (CIF) authorization previously held by Leverate Financial Services Ltd. This development, announced after CySEC's meeting on December 4, 2023, marks the end of Leverate as a financial services provider. The Israeli fintech already returned to its roots as a fintech offering financial solutions.

February 8, 2024

Brokers Alpari and FXTM Bid Adieu to the Financial Commission, Insider Finance Feeds Reports!

In a noteworthy development within the financial brokerage industry, the notorious offshore broker Alpari and former CySEC-regulated ForexTime (FXTM), not less notorious, have officially withdrawn their membership from the Financial Commission. This decision underscores a broader trend among forex brokers reassessing their market focus and priorities.

February 8, 2024

Updated Review: Rebranded Offshore Broker Octa With Impressive Growth And Red Listing Confirmation!

In March 2023, we published our latest update on the Octa (previously OctaFX) broker scheme and reported a CNMV warning. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, Octa runs an offshore scheme via Octa Markets Incorporated. The offshore scheme deploys different domains to solicit clients over regulatory regimes. Octa showed impressive growth over the last 12 months.

January 5, 2024

Breaking: Red-Listed Brokers ForexTime and FTXM Ceased Operation And Renounced CySEC License!

The broker schemes Alpari and ForexTime (FXTM), founded by Russian entrepreneur Andrey Dashin, have been subject to recent developments, casting doubt on their regulatory standing. FinTelegram has placed these brokers on its Red Compliance List. In the meantime, ForexTime and FXTM have ceased operations and voluntarily surrendered their CySEC license. The Alpari situation seems to be unclear.

December 29, 2023

CySEC Announced Settlement With BCM Begin Capital Markets With €50k Payment!

The Cyprus Securities and Exchange Commission (CySEC) announced a settlement with the investment firm BCM Begin Capital Markets CY Ltd, imposing a fine of €50,000 for non-compliance with the Investment Services and Activities and Regulated Markets Law. BCM Begin Capital Markets, formerly known as OX Capital Markets Limited, operates multiple trading brands, notably CapitalPanda and ProfitLevel.

October 24, 2023

CySEC Chair George Theocharides Warns Cyprus Investment Firms To Recognize Compliance!

The Cyprus Securities and Exchange Commission (CySEC) recently issued a reminder to Cyprus Investment Firms (CIFs) board members about their duties and the importance of adhering to all regulatory guidelines. This comes in light of recent reviews that revealed certain compliance shortcomings. As of 2023, CySEC oversees 250 Investment Firms. Among these, 159 firms cater to forex products for retail investors, while 90 firms focus on traditional products.

September 20, 2023

CySEC-Regulated FP Markets And Its Offshore Mutation Placed On Orange Compliance List!

The offshore broker FP Markets is operated through FP Markets LLC, registered in St. Vincent & The Grenadines and related to the CySEC-regulated broker of the same name. The only discernible difference between the CySEC-regulated and the unregulated offshore broker is the domain. The offshore mutation of FP Markets was recommended to us via Daily Forex. The KYC at onboarding does not comply with ESMA requirements. We have added FP Markets to our Orange Compliance list.

August 26, 2023

CySEC Orders RoboMarkets To Cease Offering Non-Financial Benefits To Retail Clients!

The Cypriot regulator highlighted that certain practices violate MiFIR regulations and the guidelines set by ESMA. The regulator recently revealed intentions to conduct on-site inspections of selected CIFs. RoboMarkets, a broker specializing in forex and CFDs and overseen by the Cyprus Securities and Exchange Commission (CySEC), has been instructed by CySEC to cease offering non-financial incentives like race tickets and "branded goods" to its individual clients.

July 28, 2023

Exposed By FinTelegram: BDSwiss Secures Another Regulatory Penalty For Misleading Clients!

BDSwiss Holding Ltd, the operator of the forex and contracts for differences (CFDs) broker BDSwiss and Viverno, has been fined €100,000 by the CySEC for lapses in complying with initial margin and risk warning requirements during 2021. The penalty was imposed because BDSwiss enabled mislead clients of its offshore broker scheme to believe they were dealing with the CySEC-licensed firm. The German Jan Malkus controls the BDSwiss Group of companies.

June 21, 2023

Trading Point Group With XM And XMTrading Received Orange Compliance Rating!

XM is a CySEC-regulated broker and part of the Trading Point Group, which also runs the offshore broker schemes XMTrading and XMGlobal through offshore entities and TPS Management Limited in Cyprus. The group's offshore broker schemes receives most of its clients from Asian countries. While more than 99% of the XMTrading website visitors come from Japan, XMGlobal attracts visitors from Vietnam, Pakistan, and Uzbekistan. We have assigned the group an Orange Compliance rating.

CySEC

May 30, 2023

CySEC Withdrew AIF Authorization Of IC2 Venture Capital Investment Capital Compartment.

Cyprus regulator CySEC announced today that it has decided, under article 64(1)(f) of the Alternative Investment Funds Law of 2018 (‘the Law’), to withdraw the authorization of IC2 Venture Capital Investment Compartment (the Investment Compartment) of the company Mega Ploutos AIF Variable Capital Investment Company Plc (the AIF), as the AIF has expressly renounced the authorization of its investment compartment.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.