After investigating in February 2023, GFSC has taken decisive action against the firm for multiple violations.
The firm ceased Gibraltar operations in early 2023.
In
a regulatory development, Quickbit Limited, authorized by the Gibraltar
Financial Services Commission (GFSC) as a Virtual Asset Arrangement Provider,
is facing severe consequences for contraventions of the Proceeds of Crime Act.
The GFSC, following a thorough investigation and onsite visit in February 2023,
has taken decisive action against Quickbit for various violations in key areas
of customer due diligence.
Regulatory
Outcome and Impact on Quickbit
The
GFSC Anti-Money
Laundering and Counter Financing of Terrorism Supervision Team conducted an
extensive onsite examination at Quickbit in February 2023. The investigation
revealed several regulatory breaches concerning the application of Customer Due
Diligence Measures (CDD), timing of verification, Enhanced CDD, Politically
Exposed Persons, and Risk Assessment.
Despite
the identification of these deficiencies during the onsite visit, Quickbit
failed to take adequate remedial measures, leading to an escalation of the
regulatory actions against the company.
A
Decision Notice has been officially issued by the GFSC, imposing the
cancellation of Quickbit's registration under Regulation of the Proceeds of
Crime Act. This decisive move by the GFSC underscores the severity of the
identified breaches.
The
cancellation of registration effectively restricts Quickbit's ability to
continue its operations as a Virtual
Asset Arrangement Provider. This regulatory action has immediate and
far-reaching consequences for Quickbit, impacting its standing in the financial
industry and potentially affecting its relationships with clients and
stakeholders.
Anticipation
and Resolution of Customer Knowledge Deficiencies
In
an update, Quickbit announced the completion of the GFSC investigation into its
subsidiary. While the investigation has led to the revocation of Quickbit’s
local registration in Gibraltar, the company is pleased to report that no fines
will be imposed by the GFSC.
This
follows Quickbit's earlier disclosure that its subsidiary in Gibraltar was
under scrutiny for deficiencies in customer knowledge processes, specifically
relating to the local part of operations conducted before the start of 2023.
The potential for fines or similar penalties was anticipated, but following the
GFSC's decision, such measures will not be implemented.
It
is noteworthy that Quickbit has not been actively operating in Gibraltar since the
beginning of 2023. Furthermore, in the spring of the same year, the board of
the parent company made a strategic decision to close down the business and the
subsidiary in Gibraltar, citing a lack of operational and strategic advantages
in that jurisdiction. Consequently, the GFSC's decision to revoke the local
registration does not impact Quickbit's ongoing operations.
Daniel
Sonesson, the CEO of Quickbit, remarked: "The investigation in Gibraltar has
consumed a significant amount of resources throughout much of the year and
delayed our process of shutting down the subsidiary. I am pleased and relieved
with today's decision, which allows us to move forward with full focus. I am
also proud of the team that handled the matter with expertise, securing the
best possible outcome for the group."
In
a regulatory development, Quickbit Limited, authorized by the Gibraltar
Financial Services Commission (GFSC) as a Virtual Asset Arrangement Provider,
is facing severe consequences for contraventions of the Proceeds of Crime Act.
The GFSC, following a thorough investigation and onsite visit in February 2023,
has taken decisive action against Quickbit for various violations in key areas
of customer due diligence.
Regulatory
Outcome and Impact on Quickbit
The
GFSC Anti-Money
Laundering and Counter Financing of Terrorism Supervision Team conducted an
extensive onsite examination at Quickbit in February 2023. The investigation
revealed several regulatory breaches concerning the application of Customer Due
Diligence Measures (CDD), timing of verification, Enhanced CDD, Politically
Exposed Persons, and Risk Assessment.
Despite
the identification of these deficiencies during the onsite visit, Quickbit
failed to take adequate remedial measures, leading to an escalation of the
regulatory actions against the company.
A
Decision Notice has been officially issued by the GFSC, imposing the
cancellation of Quickbit's registration under Regulation of the Proceeds of
Crime Act. This decisive move by the GFSC underscores the severity of the
identified breaches.
The
cancellation of registration effectively restricts Quickbit's ability to
continue its operations as a Virtual
Asset Arrangement Provider. This regulatory action has immediate and
far-reaching consequences for Quickbit, impacting its standing in the financial
industry and potentially affecting its relationships with clients and
stakeholders.
Anticipation
and Resolution of Customer Knowledge Deficiencies
In
an update, Quickbit announced the completion of the GFSC investigation into its
subsidiary. While the investigation has led to the revocation of Quickbit’s
local registration in Gibraltar, the company is pleased to report that no fines
will be imposed by the GFSC.
This
follows Quickbit's earlier disclosure that its subsidiary in Gibraltar was
under scrutiny for deficiencies in customer knowledge processes, specifically
relating to the local part of operations conducted before the start of 2023.
The potential for fines or similar penalties was anticipated, but following the
GFSC's decision, such measures will not be implemented.
It
is noteworthy that Quickbit has not been actively operating in Gibraltar since the
beginning of 2023. Furthermore, in the spring of the same year, the board of
the parent company made a strategic decision to close down the business and the
subsidiary in Gibraltar, citing a lack of operational and strategic advantages
in that jurisdiction. Consequently, the GFSC's decision to revoke the local
registration does not impact Quickbit's ongoing operations.
Daniel
Sonesson, the CEO of Quickbit, remarked: "The investigation in Gibraltar has
consumed a significant amount of resources throughout much of the year and
delayed our process of shutting down the subsidiary. I am pleased and relieved
with today's decision, which allows us to move forward with full focus. I am
also proud of the team that handled the matter with expertise, securing the
best possible outcome for the group."
Binance Introduces Spot Copy Trading to Enhance Offerings
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa