CySEC has just announced (it's in Greek) that it had fined both GIGFX and FXYard for stating that they operate out of Cyprus despite not being registered with the commission.
CySec fined GIGFX 5,000 euro because it intended to submit application to CIF.
CySec fined FXYard 5,000 euro for misrepresenting its office location (or something similar, Google translation isn't at its best). Interesting to note that FXYard which was acquired by SafeCap (markets.com) is actually regulated by CySec so I'm not really sure what just happened.
Update: SafeCap just provided clarification about the situation:
Further to the announcement of Cyprus Securities and Exchange Commission (“CySEC”) dated 12 July 2011 in relation to the administrative fine imposed to FXYard Limited, we would like to clarify as follows in order for your website forexmagnates.com reflects the correct facts and refers to correct information:
The domain www.forexyard.com is owned and operated by Safecap Investments Limited.
FXYard Limited is a company incorporated in the Republic of Cyprus, and is the previous owner of the domain www.forexyard.com from which Safecap Investments Limited has acquired the domain on 10 March 2011.
Safecap Investments Limited is not related in any way to the activities of FXYard Limited, either prior or after the acquisition date and the fact has been communicated to all former clients of the domain www.forexyard.com who are currently in contractual agreement with our Company.
Taking into consideration the above, it shall be appreciated if a clarification statement is published on your website stating the above mentioned explanations and clearly indicating that the fine has no connection with our Company and/or the domain www.forexyard.com, for the avoidance of any misunderstanding and/or the provision of misleading information about the underlying domain.
