In the latest case of license withdrawal in Cyprus, the forex and CFD brokerage firm, Trilt, “explicitly relinquished” its license, causing the Cyprus Securities and Exchange Commission (CySEC) to withdraw the license of the Cyprus Investment Firm (CIF). The Cyprus watchdog announced the withdrawal on Friday, noting that it had reached the decision earlier on March 20.
Trilt obtained its license from CySEC in October 2014 and operates as an electronic communications network and direct processing broker. The company offered forex and CFD trading on MetaTrader and included mobile and web trading in its services.
However, the new development means that the brokerage will no longer be able to offer its services in Cyprus. Trilt will also not be able to offer its services across other EU markets.
Since the beginning of the year, CySEC has announced the withdrawal of at least five CIF licenses, four of which precipitate the companies’ voluntary abandonment. The four companies that willingly gave up their licenses include one investment services provider Inveza Capital and three brokerage operators: Magnum FX, F1Markets and Smart Trades Investment Services Limited. Smart Trades operates FX/CFDs, TradoCenter and Toro Invest brands.
In February, the Cypriot Supervisor of Financial Markets also withdrew the three companies from the Investor Compensation Fund (ICF), a pool that provides protection to clients of member CIFs when claims against the companies arise.
On the contrary, CySEC revoked Maxiflex forex broker’s license for allegedly violating a number of its licensing terms, including one related to prohibiting the use of client funds for its own account.
CySEC crackdown on illegal forex trading platforms
In addition to revoking the license, CySEC in recent months has also been active in blacklisting various forex/CFD trading platforms operating in the country without permission. finance poles Earlier this week, the Cypriot watchdog was reported to have issued a warning against eight unregistered forex trading platforms.
CySEC has listed the sites as world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The other three are: inverbid.net, inverbid.com, and inverbid.co.
Earlier in March and January, the regulator also warned investors about six and five illegal trading platforms, respectively. In addition, CySEC recently issued a €1 million fine against Itrade Global (Cy) Limited, operator of several forex/CFD brands, for multiple breaches of Cypriot market laws allegedly committed by its associated agent in Spain.
In the latest case of license withdrawal in Cyprus, the forex and CFD brokerage firm, Trilt, “explicitly relinquished” its license, causing the Cyprus Securities and Exchange Commission (CySEC) to withdraw the license of the Cyprus Investment Firm (CIF). The Cyprus watchdog announced the withdrawal on Friday, noting that it had reached the decision earlier on March 20.
Trilt obtained its license from CySEC in October 2014 and operates as an electronic communications network and direct processing broker. The company offered forex and CFD trading on MetaTrader and included mobile and web trading in its services.
However, the new development means that the brokerage will no longer be able to offer its services in Cyprus. Trilt will also not be able to offer its services across other EU markets.
Since the beginning of the year, CySEC has announced the withdrawal of at least five CIF licenses, four of which precipitate the companies’ voluntary abandonment. The four companies that willingly gave up their licenses include one investment services provider Inveza Capital and three brokerage operators: Magnum FX, F1Markets and Smart Trades Investment Services Limited. Smart Trades operates FX/CFDs, TradoCenter and Toro Invest brands.
In February, the Cypriot Supervisor of Financial Markets also withdrew the three companies from the Investor Compensation Fund (ICF), a pool that provides protection to clients of member CIFs when claims against the companies arise.
On the contrary, CySEC revoked Maxiflex forex broker’s license for allegedly violating a number of its licensing terms, including one related to prohibiting the use of client funds for its own account.
CySEC crackdown on illegal forex trading platforms
In addition to revoking the license, CySEC in recent months has also been active in blacklisting various forex/CFD trading platforms operating in the country without permission. finance poles Earlier this week, the Cypriot watchdog was reported to have issued a warning against eight unregistered forex trading platforms.
CySEC has listed the sites as world-trade-center.io, financista.com, swiftpuprime.com, ocdfinances.net and ocdfinances.org. The other three are: inverbid.net, inverbid.com, and inverbid.co.
Earlier in March and January, the regulator also warned investors about six and five illegal trading platforms, respectively. In addition, CySEC recently issued a €1 million fine against Itrade Global (Cy) Limited, operator of several forex/CFD brands, for multiple breaches of Cypriot market laws allegedly committed by its associated agent in Spain.
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