The Cyprus Securities
and Change Fee (CySEC) has withdrawal the Cyprus Invesment Agency (CIF)
authorization of Magnum FX (Cyprus) after the dealer determined to “expressly renounced
it.” CySEC in an announcement made on Tuesday mentioned it reached the choice to
withdraw the license on January 23, 2023.
On Magnum FX’s web page
on CySEC’s web site, the regulator famous that the corporate, which obtained the license
in June 2018, is “underneath examination for voluntary renunciation of the
authorization.” The Cypriot monetary watchdog listed Magnum FX’s authorised
domains to incorporate magnumfx.eu, ETfinance.eu, financedome.com and
etfinance.com
In the meantime, CySEC additionally introduced the withdrawal of the working
license of Inveza Capital Restricted on Tuesday. The transfer can also be in tandem with the corporate’s resolution to
“expressly surrender it.” Nonetheless, the regulator’s Board made the withdrawal
resolution two months in the past, that’s, on December 5, 2022.
CySEC
additionally lately withdrew the licenses of FF Easy and
Sensible Trades Invesment Companies Restricted. The corporate operated at the very least two
foreign exchange and CFDs brokerage manufacturers: TradoCentrer and Toro Make investments.
CySEC’s withdrawal of
Magnum FX’s license comes six months after the brokerage agency and one other foreign exchange
dealer, F1 Markets, paid €150,000 every to the monetary
markets supervisor for “any violation or doable violation” of Cyprus’ native
rules. F1 Markets additionally lately “expressly renounced” its CySEC license.
Each firms’ settlement resolution got here after CySEC raised considerations concerning the operation of their compliance
measures between January 2019 and July 2020. The considerations have been based mostly on an
onsite regulatory inspection carried out by CySEC at each corporations.
In the meantime, in June
2020, CySEC partially suspended the CIF licenses of
Magnum FX and F1 Markets and absolutely suspended these of Hoch Capital and Rodeler
Restricted. The motion got here after the UK’s Monetary Conduct Authority
(FCA) flagged the corporations for utilizing pretend movie star endorsement to advertise their merchandise
on social media. The UK regulator additionally accused the brokers of not offering
adequate data to their prospects concerning the nature of CFDs product,
including that they pressured some merchants into making highly-leveraged bets on CFDs based mostly on cryptocurrency, foreign exchange, shares and indices.
Nonetheless, CySEC recalled the partial suspension of Magnum FX and F1
Markets’ CIF licenses in the identical month after they took remedial actions.
The Cyprus Securities
and Change Fee (CySEC) has withdrawal the Cyprus Invesment Agency (CIF)
authorization of Magnum FX (Cyprus) after the dealer determined to “expressly renounced
it.” CySEC in an announcement made on Tuesday mentioned it reached the choice to
withdraw the license on January 23, 2023.
On Magnum FX’s web page
on CySEC’s web site, the regulator famous that the corporate, which obtained the license
in June 2018, is “underneath examination for voluntary renunciation of the
authorization.” The Cypriot monetary watchdog listed Magnum FX’s authorised
domains to incorporate magnumfx.eu, ETfinance.eu, financedome.com and
etfinance.com
In the meantime, CySEC additionally introduced the withdrawal of the working
license of Inveza Capital Restricted on Tuesday. The transfer can also be in tandem with the corporate’s resolution to
“expressly surrender it.” Nonetheless, the regulator’s Board made the withdrawal
resolution two months in the past, that’s, on December 5, 2022.
CySEC
additionally lately withdrew the licenses of FF Easy and
Sensible Trades Invesment Companies Restricted. The corporate operated at the very least two
foreign exchange and CFDs brokerage manufacturers: TradoCentrer and Toro Make investments.
CySEC’s withdrawal of
Magnum FX’s license comes six months after the brokerage agency and one other foreign exchange
dealer, F1 Markets, paid €150,000 every to the monetary
markets supervisor for “any violation or doable violation” of Cyprus’ native
rules. F1 Markets additionally lately “expressly renounced” its CySEC license.
Each firms’ settlement resolution got here after CySEC raised considerations concerning the operation of their compliance
measures between January 2019 and July 2020. The considerations have been based mostly on an
onsite regulatory inspection carried out by CySEC at each corporations.
In the meantime, in June
2020, CySEC partially suspended the CIF licenses of
Magnum FX and F1 Markets and absolutely suspended these of Hoch Capital and Rodeler
Restricted. The motion got here after the UK’s Monetary Conduct Authority
(FCA) flagged the corporations for utilizing pretend movie star endorsement to advertise their merchandise
on social media. The UK regulator additionally accused the brokers of not offering
adequate data to their prospects concerning the nature of CFDs product,
including that they pressured some merchants into making highly-leveraged bets on CFDs based mostly on cryptocurrency, foreign exchange, shares and indices.
Nonetheless, CySEC recalled the partial suspension of Magnum FX and F1
Markets’ CIF licenses in the identical month after they took remedial actions.
