BDSwiss, the CySEC broker controlled by German entrepreneur Jan Malkus, has attracted attention in recent years mainly due to its illegal offshore broker activities and regulatory violations. The UK FCA has banned BDSwiss from the UK market in 2021 because of this. The broker has launched a PR campaign with articles on Finance Magnates and Finance Feeds celebrating itself. Let’s remain skeptical.
In the identical articles on Finance Magnates and Finance Feeds, BDSwiss celebrates itself as a dominant force in the Forex market and states that it would put a lot of emphasis on its BDSwiss brand. However, the BDSwiss brand has been hit hard by regulatory penalties. Therefore, BDSwiss has also launched the new Viverno brand in 2022.
In July 2023, FinTelegram reported that 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.
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