CommexFX Gets Another €100,000 Fine from CySEC for Unauthorized Operations

CommexFX has been slapped with another fine by the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). The regulator imposed the new penalty at a meeting of its board in December 2015 totaling €100,000. Last year the company was fined €100,000 while its owner and director Abdel Rahman El Amary got slapped with a €30,000 fine.

The Cypriot watchdog is citing a different section of the law as a reason for the new administrative action. According to the CySEC’s communique, CommexFX has failed to comply with section 6(8) of the Investment Services and Activities and Regulated Markets Laws of 2007.

Speculation about the company offering its services to U.S. clients has been circulating around the industry for some time. No material evidence has been provided except for a statement on the broker’s website which reads “CommexFX does not provide brokerage services for citizens of the United States of America.”

CommexFX may have made the reference next to the listing of CySEC as its regulator to merely highlight the fact that it doesn’t accept clients from the U.S. The brokerage made headlines last year after the Cypriot watchdog slapped it with two consecutive 15 days suspensions of its license.

The Cyprus based broker's website continues to state that the services to its clients have been "temporarily suspended for 15 days", however the account opening window is not functional. CommexFX representatives have been contacted about the matter by Finance Magnates however at the time of publication no response has been received.