CySEC Withdraws CIF License of Investment Firm Belight Capital Group

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) announced on Friday that it decided to withdraw the license from Belight Capital Group Ltd. According to the note, the watchdog was not satisfied with the firm’s compliance with Article 22(1) of CySEC’s law.

The Cypriot financial authority issued the following statement: “The Cyprus Securities and Exchange Commission (‘CySEC’), following the decision published on 08 April 2020, announces that on its meeting of 1st March 2021, decided to withdraw the Cyprus Investment Firm authorization of Belight Capital Group Ltd (‘the Company’), with number 364/18, pursuant to article 9(3)(b) of the DI87-05 Directive on Revocation and Suspension of an Operating License (‘the DI87-05’) and articles 8(1)(a), 8(1)(c) and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’).”

Furthermore, CySEC argued that Belight Capital Group Ltd performed investment activities for six months preceding the decision for the suspension of its license. That said, the company is now required to publish a note on all its websites, an announcement highlighting CySEC's decision to withdraw its license. Also, the watchdog asked the firm to return all the funds and financial instruments belonging to its clients, ‘including any profits’.

“Ensure it does not provide investment and ancillary services, other than those that are necessary for the completion of the pending transactions on behalf of the Company and its clients, as per their instructions,” CySEC added.

Recent CySEC Actions

Last year, the Cypriot financial watchdog decided to suspend in whole the Cyprus Investment Firm (CIF) license of Belight Capital Group Ltd.

Now, Finance Magnates reports that Depaho Ltd, an investment firm, is allowed until the end of the month to proceed with the necessary actions to comply with the provisions asked by the Cypriot regulator. In fact, CySEC extended the suspension imposed on the company.