CommexFX’s CIF License Withdrawn Following String of Suspensions, Fines

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is responsible for a variety of different functions, which includes the supervision Read this Term) has officially withdrawn its CIF license from CommexFX Ltd, a provider of foreign exchange (FX) and contracts-for-difference (CFDs), the group’s latest chapter in a series of fines and penalties spanning over two years.

CySEC’s latest action results in the full withdrawal of CommexFX’s CIF license, following multiple failures to comply with its policy and several transgressions that have endangered client funds and interests. CommexFX had previously operated mainly in Egypt and China as well as other Asian markets.

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Following a judicial review at CySEC, CommexFX Ltd. (CIF number 153/11) is no longer licensed by the regulator. The group initially ran into issues with CySEC back in late 2015 when it was suspected of endangering client funds. More specifically, these entailed alleged violations for possible non-compliance with the Law: ‘Operational requirements – Clients’ funds’, as specialized in a Directive, ‘Safeguarding of clients’ funds’ – this led to a fine of €100,000.

Last June, matters did not improve for CommexFX, as it was slapped with a second court date and a fine of €100,000. Additionally, speculation abounded that the group was offering its services to US clients. CommexFX had attempted to clarify on its website – now inactive – that it did not provide brokerage services for citizens of the United States of America.”

CySEC’s latest edict looks to close the door on CommexFX, namely in terms of its prospects for operating as a licensed CIF.