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#1 28-11-2015 15:18:32

johnedward
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From: Paris - France
Registered: 21-12-2009
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CySEC issues several fines totaling over €1 million

CySEC issues several fines totaling over €1 million


http://www.forex-central.net/forum/userimages/2014-cysec.jpg


Article by Leap rate

Cypriot financial regulator CySEC has released the first round of its findings following comprehensive reviews of the operations of a number of CySEC-regulated brokers in both the Forex and Binary arenas.

CySEC logoCySEC’s initial review has resulted in fines for a number of brokers, ranging from €123,000 up to €340,000. In addition to the fines, CySEC announced a settlement with IronFX, which has been lately under close regulatory scrutiny by CySEC. In total, the fines and settlements add up to more than €1.3 million.

The fines were as follows:

Arrow WGM Services Ltd (operator of EZTrader, EZInvest and Global Option): €340,000
Arrow Pegase Capital Ltd (operator of InteractiveOption, HelloBrokers and MTX Plus): €300,000
Arrow Depaho Ltd (operator of GTCM and FXGM): €233,000
Arrow Reliantco Investments Ltd (operator of UFX and UFXMarkets): €123,000
Arrow In addition to the fines, as noted above CySEC settled all charges against IronFX, agreeing to a €335,000 settlement with the company.

We believe that there is yet another round of such announcements to come, after CySEC completes its review of other leading CIF license holders in the country, likely due out before the end of December.


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