The Cyprus Securities and Exchange Commission (CySEC ), the financial regulatory agency of Cyprus, on Thursday, announced that it has completely withdrawn the Cyprus Investment Firm (CIF) License of Maxigrid Limited.
The market regulator reached the decision after it came to the conclusion that Maxigrid had failed to comply with Article 22(1) of CySEC’s law, in fulfilling the condition of article 17(9) of the Law at all times, as this is highlighted in paragraphs 4(1) and 6(1) of the Directive DI187-01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements, with connection to the safeguard of clients’ funds.
In October last year, CySEC suspended Maxigrid's license after the company was alleged to have violated the ‘Investment Services and Activities and Regulated Markets Law’, which constitute a threat to the market’s integrity.
After thorough investigations, CySEC has wholly withdrawn the company’s operating license. As a result, Maxigrid Ltd has been directed to:
Not provide or carry out any investment services or activities;
Not enter into any business transaction with any person/client;
Immediately, and without delay, ensure that all references in its websites and anywhere else, with regards to the provision/carrying out of investment services/activities, as well as references to its licensing and regulation by CySEC, are deleted.
