Earlier in 2023, the regulator withdrew CIF licenses belonging to those companies.
Their clients can still file claims for operations before the withdrawal.
The Cyprus
Securities and Exchange Commission (CySEC) has announced that the Investors
Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based
investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd and KAB Strategy Ltd.
CySEC Withdraws ICF
Membership of Four Investment Firms
According
to the announcement, the ICF revoked the membership of these firms following
CySEC's decision to withdraw their Cyprus Investment Firm (CIF) authorizations.
However,
covered clients of the four firms will still be able to file compensation
claims for investment operations carried out before the membership
withdrawal, provided they meet the eligibility criteria outlined in CySEC's directives.
The ICF was
established to compensate covered investors if the CIF cannot fulfill its
obligations. As per regulations, firms authorized as CIFs in Cyprus must be ICF
members. Consequently, when CySEC revokes a firm's CIF license, the ICF will
cancel their membership as well.
When and How the Firms
Lost Their CIF Licenses
In the case of KAB
Strategy, the decision to withdraw its license was announced in the second half
of 2023, following the companies' voluntary renunciation of it. On the other hand, FXBFI
Broker Financial Invest, also voluntary renounced it licence, but this occurred after a series of enforcement
actions against the company in the past.
The
regulator identified that the firm had not established sufficient AML/CFT policies,
controls, and procedures to effectively counter and manage risks related to
money laundering and terrorist financing. This action resulted in a €50,000 penalty
being levied on FXBFI, the operator of 101investing.
In the case
of Stone Edge Capital and Holiway Investments, the licenses cancellations were
dictated by an investigations conducted by CySEC, which revealed that the entities
had violated the terms of the CIF authorization.
CySEC
pointed out in May that Stone Edge Capital was not in compliance with
organizational standards and did not establish sufficient and suitable
systems to identify transactions associated with money laundering.
Additionally, it neglected to put in place systems and procedures for internal
reporting.
The Cyprus
Securities and Exchange Commission (CySEC) has announced that the Investors
Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based
investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd and KAB Strategy Ltd.
CySEC Withdraws ICF
Membership of Four Investment Firms
According
to the announcement, the ICF revoked the membership of these firms following
CySEC's decision to withdraw their Cyprus Investment Firm (CIF) authorizations.
However,
covered clients of the four firms will still be able to file compensation
claims for investment operations carried out before the membership
withdrawal, provided they meet the eligibility criteria outlined in CySEC's directives.
The ICF was
established to compensate covered investors if the CIF cannot fulfill its
obligations. As per regulations, firms authorized as CIFs in Cyprus must be ICF
members. Consequently, when CySEC revokes a firm's CIF license, the ICF will
cancel their membership as well.
When and How the Firms
Lost Their CIF Licenses
In the case of KAB
Strategy, the decision to withdraw its license was announced in the second half
of 2023, following the companies' voluntary renunciation of it. On the other hand, FXBFI
Broker Financial Invest, also voluntary renounced it licence, but this occurred after a series of enforcement
actions against the company in the past.
The
regulator identified that the firm had not established sufficient AML/CFT policies,
controls, and procedures to effectively counter and manage risks related to
money laundering and terrorist financing. This action resulted in a €50,000 penalty
being levied on FXBFI, the operator of 101investing.
In the case
of Stone Edge Capital and Holiway Investments, the licenses cancellations were
dictated by an investigations conducted by CySEC, which revealed that the entities
had violated the terms of the CIF authorization.
CySEC
pointed out in May that Stone Edge Capital was not in compliance with
organizational standards and did not establish sufficient and suitable
systems to identify transactions associated with money laundering.
Additionally, it neglected to put in place systems and procedures for internal
reporting.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24