Cyprus financial regulator CySEC has announced a €175,000 fine imposed to Novox Capital Ltd.
Novox is a licensed CIF company which operates a number of Binary Options, Forex and CFDs brokerage brands, including OptionBit (at website optionbit.eu), ZoomTrader Global (at zoomtraderglobal.com), RoyalPip (at royalpip.com), and NGN Broker (at ngnbroker.com).
The largest portion of the fine, €70,000, was for providing investment advice without authorization.
The other portions of the fine broke down as follows:
- €10,000 for not maintaining adequate internal control mechanisms for the approval of advertising material.
- €20,000 regarding improper outsourcing of activities to third parties, such as customer service and call center activities.
- €30,000 for not acting in the best interests of client.
- €30,000 for advertising sent out by third parties which was misleading.
- €15,000 for providing information not suited to clients.
More on the CySEC fine issued to Novox Capital can be seen here (pdf, in Greek).