Cyprus Securities and Exchange Commission today announced that it has imposed a €100,000 monetary penalty on BDSwiss Holding Ltd.
The Cypriot watchdog specified that the fine was imposed for non-compliance with mandatory requirements of initial margin and risk warning in 2021.
The company operates forex and contracts for differences (CFDs) broker BDSwiss and holds a Cyprus Investment Firm (CIF) license granted by CySEC.
The regulator detailed that in 2021, BDSwiss allowed offshore companies associated with it to promote its CIF status, enticing clients with investment services in CFDs without the requiring customers to pay an initial margin for protection or receiving the mandatory risk warning as required by the company’s license.
