CySEC withdraws Bogofinance Capital Markets’s (FXJet) ICF membership

Steffy Bogdanova
June 9, 2021 3:39 pm

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has revoked the Investors Compensation Fund (ICF) membership of Bogofinance Capital Markets Ltd.

Bogofinance operated FX broker brand FXJet.

The announcement stated:

The loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.

CySEC

The move follows CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) licence of BogoFinance Capital Markets.

BogoFinance Capital Markets is a subsidiary of Lebanon-based broker BogoFinance, established in 2006 by local entrepreneur Joseph Boghos. The company obtained its CIF licence in 2017 when it entered the EU market and then rebranded as FXJet.

Other brokers also withdrew the CIF licenses, including the operators of Forex4group and 24Option. Rodeler, the operator of 24 Option, also its license after settling a €280,000 fine with CySEC.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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