The Cyprus Securities and Exchange 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Read this Term) has withdrawn the operating license of F1Markets Ltd as the company decided to “expressly renounce it.” Though announced on Thursday, the regulatory board finalized the decision on 5 December 2022.
With the Cyprus Investment Firm (CIF) license, F1Markets operated multiple 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 and contracts for differences (CFDs) retail broker brands: one of the brands being Investous. It has four registered domains with the Cypriot regulator, and the other two, 24CM and EuroPrime, are not accessible anymore.
According to a notice on the F1Markets’ website, the company shuttered its services last May. It closed all the open positions on 19 May 2022 and asked traders to withdraw funds.
“We regret to inform you that our Company has decided to renounce its authorization and therefore, please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to clients,” the notice reads.
F1Markets notice
Additionally, the F1Markets mentions Straton Markets as one of its brands. However, that website is not registered with CySEC and is not accessible anymore.
A Controversial Broker
F1Markets received its CySEC license in 2015, which allowed it to operate within the European Economic Area (EEA). However, its services were flagged multiple times for compliance lapses, and the company has faced enforcement actions.
The Financial Conduct Authority caught F1Markets and a few other brokers promoting their products in the United Kingdom with fake celebrity endorsements on social media. The complaints from the British watchdog resulted in a temporary suspension of the broker’s license by CySEC, which was returned within a month.
Last August, F1Markets settled with the Cypriot regulator, paying €150,000, for multiple possible violations of local regulations that came with a regulatory assessment of the company’s compliance efforts for the fulfillment of the conditions of its partial suspension and other corrective measures taken between June 2019 and July 2020.
On top of that, CySEC has strengthened its enforcement oversight after the European financial market supervisor raised concerns. Furthermore, it withdrew the license of FF Simple and Smart Trades Investment Services recently, which operated TradoCenter and Toro Invest brokerage brands.
Meanwhile, several other well-known brokers, including Swissquote and Equiti, have also gained licenses from CySEC to strengthen their European operations.
The Cyprus Securities and Exchange 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) has withdrawn the operating license of F1Markets Ltd as the company decided to “expressly renounce it.” Though announced on Thursday, the regulatory board finalized the decision on 5 December 2022.
With the Cyprus Investment Firm (CIF) license, F1Markets operated multiple 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 and contracts for differences (CFDs) retail broker brands: one of the brands being Investous. It has four registered domains with the Cypriot regulator, and the other two, 24CM and EuroPrime, are not accessible anymore.
According to a notice on the F1Markets’ website, the company shuttered its services last May. It closed all the open positions on 19 May 2022 and asked traders to withdraw funds.
“We regret to inform you that our Company has decided to renounce its authorization and therefore, please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to clients,” the notice reads.
F1Markets notice
Additionally, the F1Markets mentions Straton Markets as one of its brands. However, that website is not registered with CySEC and is not accessible anymore.
A Controversial Broker
F1Markets received its CySEC license in 2015, which allowed it to operate within the European Economic Area (EEA). However, its services were flagged multiple times for compliance lapses, and the company has faced enforcement actions.
The Financial Conduct Authority caught F1Markets and a few other brokers promoting their products in the United Kingdom with fake celebrity endorsements on social media. The complaints from the British watchdog resulted in a temporary suspension of the broker’s license by CySEC, which was returned within a month.
Last August, F1Markets settled with the Cypriot regulator, paying €150,000, for multiple possible violations of local regulations that came with a regulatory assessment of the company’s compliance efforts for the fulfillment of the conditions of its partial suspension and other corrective measures taken between June 2019 and July 2020.
On top of that, CySEC has strengthened its enforcement oversight after the European financial market supervisor raised concerns. Furthermore, it withdrew the license of FF Simple and Smart Trades Investment Services recently, which operated TradoCenter and Toro Invest brokerage brands.
Meanwhile, several other well-known brokers, including Swissquote and Equiti, have also gained licenses from CySEC to strengthen their European operations.
Source link
