CySEC | FinTelegram News

Category: CySEC

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.

May 21, 2023

CySEC Revoked Licensed Of Forex & CFD Broker Stone Edge Capital Over Money Laundering Issues!

Money laundering is now apparently being taken seriously by CySEC against the backdrop of Western sanctions in connection with the Russian invasion of Ukraine. This week, CySEC announced that it has decided to withdraw the Cyprus Investment Firm (CIF) license of Stone Edge Capital Ltd. The (former) CIF's website claims that the license would have been voluntarily resigned. However, this cannot be read in the CySEC decision.

May 21, 2023

No CySEC Answer? Dutch Court Ordered CySEC Broker LegacyFX To Pay €303.000 To Victim!

LegacyFX is one of the CySEC-regulated CIFs that works with offshore mutations to solicit European clients. Their offshore broker is AN All New Investments (VA) Ltd in Vanuatu. However, all card transactions of this offshore broker are processed by the CySEC-regulated entity. Durch Courts sentenced LegacyFX on May 17, 2023, to pay €303,000 to an investor, the Dutch lawyer Marius Hupkes reports on his website.

May 16, 2023

Correction: CySEC-Regulated Pacific Union Group Ltd Is Not Part Of the PU Prime Scheme!

In April 2022, FinTelegram recently updated its review of PU Prime, an offshore broker regulated by the FSA Seychelles. We included the broker in our Red Compliance list. Despite lacking the necessary regulatory authorizations, this broker offers financial products to clients in the UK and EEA. On May 10, 2023, the UK regulator FCA issued a warning regarding PU Prime. The CySEC-regulated Pacific Union Group Ltd informed that it would not be part of the offshore broker scheme.

March 5, 2023

CySEC Revoked License Of Milton Prime Operator; Offshore Scheme Not Impacted!

This does not happen often. Typically, companies voluntarily revoke their CySEC license before it is revoked. This week, the Cyprus regulator announced that it has decided to withdraw the Cyprus Investment Firm (CIF) authorization of Holiway Investments Ltd d/b/a Milton Prime with license number 248/14. CySEC said the company does not have sufficient initial capital to continue its operation. Milton Prime has not yet published the revocation on its website.

February 16, 2023

The Explosive Growth Of OctaFX Offshore Broker Scheme!

In February 2022, we published our initial review of the OctaFX broker scheme. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, OctaFX also runs an offshore scheme via Octa Markets Incorporated, registered in St. Vincent & The Grenadines. The offshore scheme deploys different domains to solicit clients. Our new review on 16 January 2023 found that the offshore broker still accepts EEA residents.

February 6, 2023

Introducing Broker Schemes Of Cyprus-Based GT Group With FintecGT, FXGT, And Global GT

FXGT and GlobalGT are offshore retail brokers specializing in clients in Asia and are operated by 360 Degrees Markets Ltd, which the FSA Seychelles regulates as a Securities Dealer. FXGT is part of GT Group, which also comprises CySEC-regulated investment firm and liquidity provider FintecGT. The payment processors we discovered for FXGT are Cyprus-based Payabl and Unlimint. Here is the initial review of the broker scheme.