简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that it has withdrawn the Investors Compensation Fund (ICF) membership of three companies: Daweda Exchange Ltd, London Capital Group (Cyprus) Ltd and Felicitas Management Investment Services Ltd.
All of the companies lost their CIF licenses due to non-compliance.
Claimants from these companies will still be entitled to compensation.
All of these companies have lost their Cyprus Investment Firm (CIF) license over the past few years for one reason or the other.
ICF members are entitled to receive fund protection of up to €20,000 protection for each of their clients, which is provided by the Cyprus financial market regulator. The withdrawal of the ICF membership is the result of losing the CIF membership.
“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,” the regulator explained.
Non-Compliant Firms
Daweda lost its CIF license in 2020. The company was blamed for onboarding European Union clients under an offshore entity based in the British Virgin Islands without informing them.
The London Capital Group is another controversial firm that is already facing liquidation in the United Kingdom. The Cypriot entity of the company was blamed by the regulator for multiple violations of mandatory compliance requirements, resulting in the withdrawal of its CIF license.
Earlier in January, the Cyprus regulatory withdrew the licenses of SonaFX operator Sonaf Business and Belight Capital Group as none of them were holding CIF licenses anymore. Last year too, many Cyprus financial services companies lost ICF memberships as they were no longer providing regulated services in the jurisdiction.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Analyzing last year's trading data offers invaluable insights into market trends, helps refine trading strategies, and enhances decision-making for future trades.
For new traders entering the world of forex, choosing the right broker is one of the most crucial decisions they’ll make. A reliable broker can serve as a trusted partner, providing a platform that’s secure, transparent, and regulated. However, with thousands of options available, selecting the right broker can be overwhelming. That is why WikiFX is here to make things easy for you!
In the world of online trading, a common misconception persists: trading is often seen as no different from gambling. This belief is particularly prevalent among newcomers, who may view the financial markets as a fast-paced game where winning is just a matter of luck. But trading, when done correctly, is far from mere chance!
Saxo Singapore will discontinue SaxoWealthCare and SaxoSelect by December 2024, advising clients to withdraw funds and offering alternative investment options.