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Cysec
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Retail FX
CySEC Reaches €50K Settlement with Fxview Operator Charlgate
2024-12-19T15:22:51.508+02:00
The investigation covered compliance from 2020 to 2023, including July and September 2023.
Charlgate acquired fxview.com in 2020 and offers retail trading services through the domain.
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Regulation
CySEC Cracks Down on Weapons Financing Through Trading Firms
2024-12-19T11:17:37.847+02:00
Financial services are a significant part of Cyprus's GDP, prompting the regulator to introduce stricter security measures.
Regulated firms must revamp customer onboarding procedures and enhance transaction monitoring.
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Retail FX
CySEC Puts All Compliance Tools in One Digital Hub with New Website
2024-12-18T18:36:25.105+02:00
A key feature of the new website is an upgraded search tool that helps users quickly locate information on regulated firms.
It also includes a special news section for press releases, media statements, videos, and event updates.
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Executive Moves
Former CySEC Officer Becomes CEO of Popular FX/CFD Broker
2024-12-10T13:12:20.598+02:00
Nicos Vassiliou has just joined Colmex Pro as the new Chief Executive Officer.
Previously, he spent four years working for the Cypriot financial markets regulator.
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Retail FX
CySEC Withdraws IFCM Cyprus License Following Voluntary Renouncement
2024-11-27T16:15:24.445+02:00
The regulator confirmed no judicial reviews or additional rulings were involved in the license withdrawal.
Meanwhile, CySEC is accepting CASP licence applications for MiCA assessment.
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Retail FX
CySEC Revokes CIFs of Arumpro Capital and Greenpost Trading Europe After Renouncements
2024-11-19T16:33:12.602+02:00
The regulator revoked Arumpro Capital Ltd's CIF authorization on November 11, 2024.
Greenpost Trading Europe Ltd's CIF authorization was withdrawn by CySEC on November 4, 2024.
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Retail FX
CySEC Cancels License of UFX's Parent Company Due to Inactivity
2024-11-18T14:56:46.305+02:00
The regulator mentioned that the entity has not been offering investment services for the past six months.
Last year, the broker blocked new account openings.
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Retail FX
CySEC Flags Multiple Unregistered Websites
2024-11-14T18:28:23.737+02:00
Websites associated with names like WeonMarket, Nortenway, PrimusCFD, Bybit, and VTMarkets are unauthorized.
The regulator urges verification on CySEC’s official site before investing.
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Retail FX
CySEC Removes AMP Global from ICF Following CIF Authorization Withdrawal
2024-11-14T14:39:07.505+02:00
Clients may still qualify for compensation for past investments under certain conditions.
AMP Global Clearing LLC is still registered as a Futures Commission Merchant.
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CryptoCurrency
CySEC Starts to Accept Crypto Licence Applications Under MiCA, but No Deadline on Decision
2024-11-13T09:47:51.406+02:00
The regulator stated that it may prioritise applications from entities that are locally regulated.
It highlighted that although MiCA will be implemented on 30 December, there is no deadline for regulatory decisions.
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Arnab Shome
Retail FX
CySEC Alerts CIFs to UKNF Restrictions on Referral and Affiliate Programmes
2024-11-12T14:27:09.005+02:00
The regulator urges CIFs to comply with the UKNF's October 2023 position on referral practices.
The UKNF states that only investment firms or their tied agents are authorized to perform client acquisition tasks.
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Retail FX
CySEC: Don’t Trust Us on TrustPilot.com
2024-11-08T19:54:16.986+02:00
The regulator warned against scammers impersonating its officials on TrustPilot.com and Google Business.
CySEC has now resorted to using social media listening tools to monitor online posts in multiple languages.
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Retail FX
CySEC Extends FTX (EU) Suspension, Prohibiting Investment Services
2024-11-05T14:17:28.458+02:00
The firm is allowed to complete ongoing transactions and return client funds under certain conditions.
The regulator's new guidelines clarify capital requirements for CIFs starting in early 2025.
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Retail FX
CySEC Halts FXOpen EU Sole Shareholder's Voting Rights, Allows Six Months to Restructure
2024-10-29T17:03:16.134+02:00
The regulator mentioned that Aliaksandr Klimenka’s influence as the firm's sole indirect shareholder could potentially undermine its ability to manage itself prudently.
The six-month grace period is intended to allow FXOpen EU Ltd sufficient time to restructure its governance.
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Brokers
Cyprus Watchdog Slaps Money App Plum with €30K Penalty
2024-10-25T20:51:01.913+02:00
CySEC has fined the fintech company for failing to meet capital and liquidity requirements.
What is more, the Cypriot-regulated fintech did not submit its annual report for 2023 on time.
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Regulation
From 2025, CySEC Will Tighten Grip on Investment Firm Capital
2024-10-22T09:38:32.505+02:00
The regulator adopts EBA guidelines on group capital tests for CIFs, effective January 2025.
Despite potential flexibility in capital requirements, it increases regulatory scrutiny for Cyprus-based FX/CFD companies.
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Regulation
Cyprus Sets the Clock for Crypto: October 30 Deadline Looms, CASPs Applications Suspended
2024-10-17T11:29:44.127+02:00
CySEC has set the final date for accepting notifications from EEA crypto firms under national rules.
Moreover, the Cypriot regulator will no longer accept new applications for Crypto-Asset Service Providers.
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Retail FX
CySEC Oversees 328 Companies as AUM Hits €9.4 Billion Despite Yearly Decline
2024-10-15T11:59:51.427+02:00
The regulator oversees 236 Externally Managed UCIs and 69 External Fund Managers, down from 334 last year.
Total assets under management rose 2.88% in Q2 from the previous quarter but fell 12.8% Y-o-Y.
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Regulation
Overview of Top Regulatory Authorities and Their Global Influence
2024-10-11T14:27:48.984+02:00
Top financial regulators like SEC, FCA and ESMA shape global markets, fintech, and crypto.
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Regulation
CySEC Extends Russia-Linked Otkritie Broker Director Ban Implementation by Six Months
2024-10-02T12:31:22.107+02:00
The decision to prohibit Otkritie Broker Ltd's sole director from exercising management duties was postponed.
This marks the second six-month delay in implementing the ban announced by the regulator.
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Regulation
CySEC Just Unveiled New Rules for Firms Offering Fractional Shares
2024-09-26T12:36:17.995+02:00
Cyprus's financial regulator clarifies when such investments qualify as direct share ownership under MiFID II.
The move aims to provide regulatory clarity for CIFs offering fractional exposure to stocks.
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Retail FX
Management Suspension on Trade360’s Cyprus Operator’s Owner Extended
2024-09-17T07:30:27.266+02:00
Petros Zachariades is the sole shareholder of Crowd Tech, which operated Trade360.
Earlier, the regulator highlighted that his influence in the company was “prejudicial to sound and prudent management.”
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Retail FX
CySEC Intensifies Warnings on Online Scam Threats with Social Media Push
2024-09-09T10:42:13.679+02:00
The regulator is using X, LinkedIn, and Instagram to raise awareness about online scams.
Fake websites falsely claiming association with the regulator have been discovered.
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Regulation
US FX/CFD Broker Relinquishes CySEC License
2024-09-05T12:43:44.220+02:00
AMP Global has just announced that it is in the process of voluntarily renouncing its CIF License.
The decision was also confirmed by the Cypriot regulator.
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Retail FX
IC Markets Gets Hit Again with €50K Fine from CySEC after €200K Penalty
2024-09-04T15:20:58.230+02:00
The regulator has imposed the fine for not meeting standards for client order execution and cost transparency.
Earlier, the firm was fined by the regulator for exceeding the EU’s 30:1 leverage limit.
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