CySEC Revokes €50,000 Fine of CommexFX Executive

The Cyprus Securities and Exchange Commission (CySEC ) announced its decision to revoke the fine and ban that were applied to Amir Jamal Mohamed Hendawi back on June 8, 2017, according to a CommexFX executive.

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Mr. Hendawi had been among the executives at CommexFX that were penalized for the company’s violations of Cypriot law. The Forex brokerage, which had clients mostly in Egypt and China, had its license suspended by CySEC in 2015. CommexFX had been given a warning by CySEC that if it could not clean up its act, there would be further consequences. The firm had its license completely revoked in 2016 after it failed to comply. At least one issue had been delayed regarding client withdrawals.

Mr. Hendawi’s personal penalties included a five-year ban from any and all activities in the financial sector and a €50,000 fine. The official announcement gives no explanation for the change of heart. CySEC will move forward by checking the particulars of the case in relation to Mr. Hendawi’s involvement.

According to CySEC’s announcement in June, CommexFX executives and others who had been involved in the company’s illegal operation received fines totalling €400,000. One of the accused was Abdel Rahman Alimari, who is a manager and share holder at CommexFX. Mohab Mohamed Taghian Radwn and Mr. Alimari were banned from the financial sector for five and ten years, respectively.