CySEC | FinTelegram News

Category: CySEC

November 15, 2022

The U.S. Bankruptcy Deposition Of FTX And Its Consequences For FTX Europe Clients!

On Nov. 11, 2022, Sam Bankman-Fried's collapsed crypto exchange FTX filed for Chapter 11 bankruptcy in the U.S. to restructure. At the same time, Sam Bankman-Fried resigned as CEO, bankruptcy expert John J. Ray became the new CEO. On the same day, Cyprus regulator CySEC suspended the license of FTX (EU) Ltd. According to the U.S. filing, this Cypriot entity is included in the U.S. Chapter 11 petition for creditor protection. An interesting legal situation.

October 23, 2022

Regulatory Week: Binance Registered With CySEC For Crypto License!

Amid the ongoing Crypto Winter, the world's largest crypto exchange (by volume), Binance, announced that the Cyprus Securities and Exchange Commission (CySEC) had granted a Class 3 registration as a Crypto Asset Services Provider (CASP) to Binance Cyprus Limited allowing it to offer services, including spot, custodian, staking, and card services, in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

October 18, 2022

CySEC-Regulated Skilling Continues To Onboard EEA Residents Via Its Offshore Entity!

Skilling Ltd, a Cyprus Investment Firm (CIF) regulated by CySEC, is doing business as Skilling. The broker scheme also offers offshore onboarding to EEA residents outside of ESMA and CySEC rules. This is done through Skilling (Seychelles) Ltd, with whom clients then enter into a Client Agreement. More than 70% of the website visitors are from Sweden. EEA consumers should be cautious with offshore Skilling as any investor compensation scheme or ombudsman does not protect them.

October 17, 2022

CySEC-Regulated FXORO Stopped New Client Registration For Its Offshore Brokerage!

Over the last few months, we covered the CySEC-regulated investment firm MCA INTELIFUNDS LTD, which offers broker services under the trading name FXORO. Besides the CySEC-regulated mutation, we have also found an offshore mutation licensed by the FSA Seychelles that has also offered its services to EEA residents. Upon our reports, the offshore domain has been changed, and no new registrations are currently possible. However, existing EEA clients can continue to work with the offshore broker. And we have received a threat of legal action.

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CySEC

October 16, 2022

Introducing CySEC-Regulated Broker InvestFW And Its Offshore Spin-Off!

The CFD, forex, and crypto broker InvestFW is operated by the CySEC-regulated investment firm (CIV) iTrade Global (CY) Ltd. According to the latest data, the broker is particularly successful in Portugal, from where more than 90% of the website visitors come. InvestFW is believed to be controlled by the same Israeli people as the offshore broker Capitalix. The entities involved have the same directors from Cyprus. Below is our initial review.

October 15, 2022

Attention! Cyprus-Based Offshore Broker Capitalix Aggressively Solicits Clients!

Allegedly operating from Cyprus, the offshore broker Capitalix is officially operated through 4Square SY Ltd, registered in the Seychelles, with a Security Dealer license by the FSA Seychelles. The Cyprus-registered 4Square (CY) Ltd acts as a payment agent for the offshore broker, which acquires clients in South America, Asia, and the Mena region without regulatory authorization. Maya Radoslava, the director of CySEC-regulated iTrade Global (CY) Ltd, is installed as a director of both companies.

October 12, 2022

Finally! Notorious Trade360 Pays €230,000 For Possible Regulatory Violations!

The CySEC-regulated Crowd Tech Ltd d/b/a Trade360 has acquired a reputation for its aggressive approach to acquiring clients. In 2020 and 2021, FinTelegram exposed that Trade360 deployed fraudulent crypto campaigns such as Bitcoin Revolution to chase new clients. Last week CySEC informed that it had reached a settlement with Crowd Tech Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017. Crowd Tech has agreed to pay the amount of €230.000.

September 16, 2022

Former CySEC Chair Demetra Kalogerou And Her New Job At Public-Listed Crypto Group INX!

In July 2022, Israeli online trading veteran Shy Datika's INX Group announced that Demetra Kalogeruo would join its Board of Directors. Demetra was the Chairwoman of the Cyprus regulator CySEC for two terms, from 2011 to 2021. During that time, Shy Datika ran his CySEC-regulated binary options broker Anyoption, which he sold to debased Israeli crypto entrepreneur Moshe Hogeg in 2017 after regulatory warnings. In that respect, Shy Datika and Demetra Kalogerou are old acquaintances.

September 10, 2022

CySEC Settled With Zemblanco And Axiance Operator ICC Intercertus Capital

The Cyprus Securities and Exchange Commission (CySEC) announced a €200,000 settlement with Cyprus investment firm (CIF) Zemblanco Investments Ltd doing business as Zemblanco (www.zemblanco.com). In August, the Cyprus regulator announced a €100,000 settlement with ICC Intercertus Capital Limited operating the brands Axiance (www.axianceeu.com) and Inflyx (www.inflyx.com). In July, CySEC reached settlements with BCM Begin Capital Markets CY Limited (here) and ForexTB Ltd (here).

August 22, 2022

Trading Tokenized Stocks And Regulation – FTX v DeFiChain!

Trading tokenized shares are currently all the rage on crypto exchanges. The aim is to indirectly offer customers trading with traditionally listed shares such as Apple, Microsoft, or Tesla without the intermediation of brokers and low fees. We think tokenized shares also qualify as securities and require a license. While FTX trades tokenized shares through its CySEC-regulated subsidiary K-DNA Financial Services Ltd and other regulated entities, Julian Hosp's DeFiChain operates without regulatory permission. Here's a quick comparison.

August 18, 2022

Following FinTelegram Reports: CySEC-Regulated BDSwiss Terminated Offshore Onboarding!

When precisely BDSwiss lifted the new client registration blocking, we do not know. In our last review on June 16, 2022, the new client registration was still disabled, and we received a respective pop-up warning. FinTelegram has repeatedly drawn attention to BDSwiss' offshore onboarding process for EU and UK clients. In our review today, new client registration was possible again, whereas offshore onboarding for EU and UK residents was no longer possible. That's good news!

August 17, 2022

Crypto.com Receives Regulatory Approval In The United Kingdom!

Singapore-based crypto exchange Crypto.com announced today its UK entity FORIS DAX UK LIMITED had received regulatory approval from the UK Financial Conduct Authority (FCA) as a cryptoasset business. The UK entity is led by US citizen Antonio Alvarez Lorenzo, Briton John Nicolas Charteris, and Brazilian co-founder and group CFO Rafael Melo, who is also listed as a controlling person. FORIS DAX MT LIMITED already received a Class 3 Virtual Financial Assets Service Provider license from the MFSA in Malta.