BCM Begin Captial
Markets, a forex and CFD broker, has paid €100k to the Cyprus Securities and
Exchange Commission (CySEC) for possible violation of Cyprus’ Investment
Services and Activities and Regulated Markets Law of 2007.
CySEC announced the
payment by the Cyprus Investment Firm (CIF) on Friday, noting that its Board
reached the settlement decision on November 28, 2022.
According to the Cypriot
regulator, the possible violation occurred between January and September 2021
and is related to the CIF’s compliance with the requirements for CIF
authorization as well as those on general principles and provision of
information to clients.
“It is noted that all
amounts payable relating to settlement agreements are considered revenue
(income) of the Treasury of the Republic and do not constitute income of
CySEC,” the market supervisor noted.
BCM Begin’s new settlement
with CySEC comes over six months after the broker paid
€170K to the Cypriot regulator for possibly violating
the same sections of the markets law between January 2021 and April 2022.
The CIF, previously
known as OX Capital Markets Limited, operates multiple brands, including
CapitalPanda and ProfitLevel. These brands offer counterparty trading services
for forex and equities instruments, among others.
Recent Settlements
In recent months, CySEC reached settlements with a number of other CIFs for possible violation of the
country’s regulated markets law. In mid-November, Royal Forex, operator of the
forex and CFD brokerage brand, ROInvesting, paid
€120,00k to CySEC to settle its possible
violation of local regulations between July 2020 and October 2021.
This is even as Royal
Forex had paid €270,000 to the regulator in October 2022 for
possibly committing the same offences in addition to its possible
lapses in the areas of mandatory organizational requirement and conflict of interest.
Meanwhile, two months
ago, the regulator hit
General Capital Brokers (GCB), an operator of the forex
and CFD provider T1 Markets, with a fine of €120,000 to settle its possible
violations.
CySEC noted that its
investigation of GCB is related to the firm’s compliance with its requirement
on CIF authorization, inconsistency in meeting the conditions listed for
granting an operating license, and obedience to the laws on general principles
and provision of information to clients.
Apart from these two,
CySEC has recently reached settlement agreements with FXBFI
Broker, ICC
Intercertus Capital, F1
Markets and Magnum FX (Cyprus), Triangleview
Investments (operator of Triangle
Markets and 3 Angle FX) and Forex
TB.
BCM Begin Captial
Markets, a forex and CFD broker, has paid €100k to the Cyprus Securities and
Exchange Commission (CySEC) for possible violation of Cyprus’ Investment
Services and Activities and Regulated Markets Law of 2007.
CySEC announced the
payment by the Cyprus Investment Firm (CIF) on Friday, noting that its Board
reached the settlement decision on November 28, 2022.
According to the Cypriot
regulator, the possible violation occurred between January and September 2021
and is related to the CIF’s compliance with the requirements for CIF
authorization as well as those on general principles and provision of
information to clients.
“It is noted that all
amounts payable relating to settlement agreements are considered revenue
(income) of the Treasury of the Republic and do not constitute income of
CySEC,” the market supervisor noted.
BCM Begin’s new settlement
with CySEC comes over six months after the broker paid
€170K to the Cypriot regulator for possibly violating
the same sections of the markets law between January 2021 and April 2022.
The CIF, previously
known as OX Capital Markets Limited, operates multiple brands, including
CapitalPanda and ProfitLevel. These brands offer counterparty trading services
for forex and equities instruments, among others.
Recent Settlements
In recent months, CySEC reached settlements with a number of other CIFs for possible violation of the
country’s regulated markets law. In mid-November, Royal Forex, operator of the
forex and CFD brokerage brand, ROInvesting, paid
€120,00k to CySEC to settle its possible
violation of local regulations between July 2020 and October 2021.
This is even as Royal
Forex had paid €270,000 to the regulator in October 2022 for
possibly committing the same offences in addition to its possible
lapses in the areas of mandatory organizational requirement and conflict of interest.
Meanwhile, two months
ago, the regulator hit
General Capital Brokers (GCB), an operator of the forex
and CFD provider T1 Markets, with a fine of €120,000 to settle its possible
violations.
CySEC noted that its
investigation of GCB is related to the firm’s compliance with its requirement
on CIF authorization, inconsistency in meeting the conditions listed for
granting an operating license, and obedience to the laws on general principles
and provision of information to clients.
Apart from these two,
CySEC has recently reached settlement agreements with FXBFI
Broker, ICC
Intercertus Capital, F1
Markets and Magnum FX (Cyprus), Triangleview
Investments (operator of Triangle
Markets and 3 Angle FX) and Forex
TB.
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Finance Magnates
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- Regulation
- Retail FX
- W3
- zephyrnet
