BCM Begin Captial Markets, a forex and CFD broker, has paid €100k to the Cyprus Securities and Exchange Commission (CySEC) for possible violation of Cyprus’ Investment Services and Activities and Regulated Markets Law of 2007.
CySEC announced the payment by the Cyprus Investment Firm (CIF) on Friday, noting that its Board reached the settlement decision on November 28, 2022.
According to the Cypriot regulator, the possible violation occurred between January and September 2021 and is related to the CIF’s compliance with the requirements for CIF authorization as well as those on general principles and provision of information to clients.
“It is noted that all amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC,” the market supervisor noted.
BCM Begin’s new settlement with CySEC comes over six months after the broker paid €170K to the Cypriot regulator for possibly violating the same sections of the markets law between January 2021 and April 2022.
The CIF, previously known as OX Capital Markets Limited, operates multiple brands, including CapitalPanda and ProfitLevel. These brands offer counterparty trading services for forex and equities instruments, among others.
Recent Settlements
In recent months, CySEC reached settlements with a number of other CIFs for possible violation of the country’s regulated markets law. In mid-November, Royal Forex, operator of the forex and CFD brokerage brand, ROInvesting, paid €120,00k to CySEC to settle its possible violation of local regulations between July 2020 and October 2021.
This is even as Royal Forex had paid €270,000 to the regulator in October 2022 for possibly committing the same offences in addition to its possible lapses in the areas of mandatory organizational requirement and conflict of interest.
Meanwhile, two months ago, the regulator hit General Capital Brokers (GCB), an operator of the forex and CFD provider T1 Markets, with a fine of €120,000 to settle its possible violations.
CySEC noted that its investigation of GCB is related to the firm’s compliance with its requirement on CIF authorization, inconsistency in meeting the conditions listed for granting an operating license, and obedience to the laws on general principles and provision of information to clients.
Apart from these two, CySEC has recently reached settlement agreements with FXBFI Broker, ICC Intercertus Capital, F1 Markets and Magnum FX (Cyprus), Triangleview Investments (operator of Triangle Markets and 3 Angle FX) and Forex TB.
