The regulator reminded that these scams are seen often and could be a part of a bigger, sophisticated online campaign designed to defraud investors. CySEC gave a few examples of how the fraudsters usually proceed. They claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via…
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The Cyprus watchdog went on to list other suspected violations and noted that the investment firm: does not appear to comply at all times with the conditions for authorisation; does not appear to take all reasonable steps to identify and to prevent or manage conflicts of interest between itself, including its managers, employees and tied…
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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…
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Stocks Forex AF Limited obtained its CIF license in 2015. The company offered forex and CFDs trading services in the Spanish-speaking region. The CySEC withdrew the company’s CIF license on 10 May and announced it yesterday. Earlier this week the regulator withdrew the CIF license of Rodeler Ltd, operator of the forex and CFDs broker…
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24Options's operation was also banned by other regulators. Rodeler was also banned in the UK by the Financial Conduct Authority in June 2020 for using fake endorsements from celebrities on social media and webpages to attract consumers. The French regulator AMF banned Rodeler Limited from providing services to both new and existing clients in France…
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CySEC further explained that as part of the settlement, the regulator assessed the Board’s compliance for the period July 2018 – March 2020, regarding governance arrangements. CySEC said in the announcement: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation…
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International mining and digital asset trading network Apifiny has recently announced that US regulator, FINRA, has granted a broker-dealer license to its subsidiary firm, Apifiny Prime. The significant governing recognition means that Apifiny will join Gemini, Coinbase, Circle and eToro as one of the top exchanges on offer. However, it must be noted, however, that…
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The regulator also reported that the company has paid the settlement amount. CySEC said in the announcement: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe…
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The Commission has now revealed that it received 96 applications from UK companies overall. Seven of these applications were rejected because they did not adhere to the eligibility criteria set out for the TPR. In contrast, one application was simply withdrawn from the process. Those 88 UK firms that have been granted TPR access to…
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Robinhood has announced Christine Brown will lead its crypto division as Chief Operating Officer. At her new position, she’ll oversee all of crypto operations and compliance. Brown will also keep her current position of Robinhood Markets’ VP of Product Operations. The Crypto division is part of Robinhood’s efforts to expand access to financial services to…
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