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

CommexFX has been fined by CySEC on a second count after getting slapped with a €100,000 fine last June.

CommexFX has been slapped with another fine by the Cyprus Securities and Exchange Commission (CySEC). 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.

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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.”

Screenshot from the website of CommexFX

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.

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