The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €340,000 on the operator of online binary options trading platform EZ Trader –WGM Services Ltd.
According to the regulator, the company violated five different regulations, including two concerning money laundering and terrorist financing, and three other relating to the laws governing the provision of investment and trading services by Cyprus Investment Firms (CIFs).
Will 2021 Redefine the Payments Space?Go to article >>
The regulator noted that the company has taken steps to remedy matters, such as compensating clients to whom it had provided investment management services without authorization and repaying clients who sought money owed to them.
The fine against EZ Trader’s operator is the biggest one in a series of penalties announced today by CySEC, including a €335,000 settlement with IronFX, and a €300,000 fine for Pegase Capital, operator of three binary options trading platforms.