Tag: Demetra Kalogerou

CNMV is pissed off by CySEC CIFsE
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January 23, 2021

EU regulators’ problems with CySEC and its investment firms

The UK Financial Conduct Authority (FCA) suspended the EU license passporting rules and banned several CySEC-regulated Ínvestment Firms (CIF). Among them Magnum FX, Rodeler, Hoch Capital, and F1Markets. Roy Almagor's two firms - Maxigrid and Maxiflex voluntarily withdrew before the FCA blocked them. The Italian Consob has already blocked some CySEC CIFs from the Italian market before the FCA. Now a problem is also looming from Spain's CNMV as per a CySEC circular. Truth is, that CySEC and its CIFs have long been an issue for EU regulators.
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CySEC crypto regulation and MaxigridC
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November 26, 2020

CySEC confirms crypto regulation – What it means for Maxigrid and BitandBuy!

Maxigrid Ltd is a regulated Cyprus Investment Firm (CIF) and has made its crypto platform - as well as its bank accounts with GlobalNetint - available to scammers and acted as a payment processor for them. The Financial Ombudsman Service of the Republic of Cyprus purported that the CySEC would not regulate crypto assets. Apparently, it does. The CySEC has issued a guideline on how CIFs should deal with crypto.
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CySEC confirma receipt of Request 4 ActionC
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October 18, 2020

CySEC confirms receipt of Maxigrid Request 4 Action

Over the last months FinTelegram has received plenty lot of evidence that suggests the involvement of Roy Almagor's CySEC-regulated Maxigrid Ltd in broker scams like RoyalsFX or LincolnFX. These scams have harmed thousands of EU small investors. However, the legal responsibility to investigate the allegations lies with the responsible regulator CySEC and law enforcement. We have therefore sent a Request 4 Action to the CySEC Chairwoman and Europol. The receipt was confirmed by email and the clock is running.
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Request 4 Action in the Maxigrid case to CySEC and EuropolM
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October 9, 2020

Maxigrid Case – Open Letter to CySEC chairwoman and Europol

FinTelegram and EFRI have sent an open letter concerning Maxigrid and the related broker scams like RoyalsFX or LincolnFX (to name only two) to Demetra Kalogerou, chairwoman of CySEC, and Europol. The claim of The Financial Ombudsman Service of the Republic of Cyprus that CySEC would not be responsible for the crypto activities of the investment firms they regulate is wrong in our view. In addition, Maxigrid also handled bank deposits for scams hance was involved in fraudulent FIAT transactions too.
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CySEC fails to regulate its subjectsF
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June 7, 2020

Financial Mail calls Cyprus the ideal turf for rip-off operators and why CySEC should change its management!

The decision of the UK regulator FCA to revoke the passporting for the CySEC regulated forex and CFD brokers Rodeler, F1Markets, Hoch Capital, and Magnum FX (Cyprus) for the UK market cannot be overestimated. Up to now, the individual EU regulators have been rather cuddly and, in the case of problems with notoriously weak regulators such as CySEC, have relied on the excuse of a lack of competence.
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