BCM Begin Capital Markets Pays €170K to Settle with CySEC

The Cyprus Securities and Exchange Commission (CySEC) has settled with BCM Begin Capital Markets CY Ltd for possible regulatory violations, the supervisor announced on Wednesday. The company, which operates multiple retail trading brands, paid €170,000 as a part of this settlement.

According to the Cypriot financial market supervisor, the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term operator possibly violated two specific laws: one is regarding general principles and information to clients and the other is around some requirements for CIF authorization.

“Α settlement has been reached with the CIF BCM Begin Capital Markets CY Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017,” CySEC stated.

The regulatory action came after an investigation into the company's operations between January 2021 and April 2022.

BCM Begin Capital Markets, previously known as OX Capital Markets Limited, operates multiple brands, including CapitalPanda and ProfitLevel. They offer counterparty trading services with instruments of forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, equities and other asset classes.

Heightened Market Supervision

CySEC, which oversees all financial services platforms registered on the Medeterinian island, has become very vigilant and is actively taking action against companies for regulatory violations. Most recently, it settled with Forex TB, another forex and CFDs broker, which paid €270,000 in the process. Other such actions include €150,000 and €100,000 settlements with the Cypriot division of CFI Financial and Finteractive Limited, the operator of trading brand FXVC, respectively.

Further, the Cypriot regulator fined and banned four former and current directors of Maxigrid, a brokerage operator that lost its Cyprus Investment Firm (CIF) license in February. It even initiated a compensation process for Maxigrid clients under the ICF scheme.

Meanwhile, the regulator is banning unauthorized trading platforms by regularly flagging them, which are mostly cases of fraud or clones of legitimate platforms.