Forex and binary options brokerage Bdswiss Holding Plc has reached a settlement with the Cyprus Securities and Exchange Commission (CySEC), following allegations of violations related to the group’s business conduct, according to a regulatory filing.
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As a Cyprus Investment Firm (CIF), Bdswiss Holding was flagged by the regulator, following suspicions that the group was undergoing improper conduct of business obligations related to its investment services to clients. CySEC cited Article 37(4), under which the group pursued action in the form of a settlement following supervisory measures.
In total, Bdswiss Holding was responsible for a fine of $161,000 (€150,000), which it settled with CySEC over possible violations suspected by the regulator. An investigation had preceded the ultimate settlement, which detailed possible Bdswiss Holdings’ compliance issues, related to Article 28(1), 8(2)(a), and 18(2)(d).
The settlement follows a board decision taken back in September, with the settlement constituting the first legal action taken against the firm in nine months. BDSwiss was fined a small sum of $5,360 (€5,000) last March by CySEC.