CySEC Withdraws CIF License of Investment Services Provider Globia Wealth

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 Tuesday that it has decided to withdraw the CIF license of Globia Wealth Ltd. A meeting took place on May 17 this year where the watchdog addressed the matter, clarifying that the firm was the one who decided 'expressly' to renounce the license.

The financial supervisor issued the following statement: “The Cyprus Securities and Exchange Commission announces that, on its meeting of 17 May 2021, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorization with Number 318/17 of Globia Wealth Ltd (‘the Company’), due to the Company’s decision to expressly renounce it.”

However, Globia Wealth Ltd has not provided any details of the reasons behind the decision to withdraw from the CIF license as of press time. The firm, which held the license number 318/17 and a company registration number ΗΕ 358345, is currently listed in CySEC with the note 'Voluntary Renunciation'. Also, its approved domain by the watchdog redirects to an Asian porn website.

Recent CIF Licenses Withdrew by the CySEC

Recently, the commission suspended 'in whole' its CIF license number 161/11 of the investment firm, Depaho Ltd. According to the resolution published on the watchdog’s website, the decision was taken under suspicion of alleged violations in almost 12 articles. CySEC argued the investment firm violated article 5(1) of the Investment Services and Activities and Regulated Markets Law of 2017, as the company allegedly offers investment services of advisory as a regular occupation “without the granting of prior authorization” by the financial supervisor.

Furthermore, Finance Magnates reported that CySEC withdrew ICF membership of Coverdeal Holdings early in July. The company terminated its services last year, and its CIF license was withdrawn.