CySEC Outlines Investor Compensation Scheme for CommexFX Clients

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has outlined the conditions and processes of its Investor Compensation Fund (ICF), which will help restore funds to clients of CommexFX, a controversial broker formerly operating in Cyprus, per a regulatory circular.

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Back in April, CySEC clamped down on CommexFX following a lengthy saga between the regulator and broker. The full withdrawal of CommexFX’s CIF license came after the broker's multiple transgressions, which endangered client funds. CommexFX had previously operated mainly in Egypt and China as well as other Asian markets.

Last week, clients of CommexFX were able to tap into the Investor Compensation Fund (ICF). The Cyprus Securities and Exchange Commission (CySEC) issued a statement to inform the public that customers of the brokerage that haven’t received their money can now apply for compensation from the ICF following a waiting period of nearly two years.

The latest update outlines in detail how clients can apply and utilize the ICF, which can be accessed by the following link. Furthermore, former clients seeking compensation can submit a letter to the offices of the ICF, accompanied by all supporting evidence, for example client information, copies of covered services agreement, statements regarding accounts, documents proving that money was deposited, etc.