Cyprus regulator, CySec, has announced a settlement with investment firm Reliantco (UFX Markets). According to the regulator’s statement, the Reliantco was hit with a €100,000 penalty for possible violations of its securities laws. The settlement ends a two week saga between the broker and CySec.
Last month, CySec had issued a release against Reliantco for possible violations. The statement was then recalled by CySec. In its place, Reliantco issued their own press release two days ago which conferred that they were in the process of settling with CySec. According to Reliantco, CySec was concerned with the “Company’s disproportionate high growth rate compared to its increase in personnel.” Reliantco continued “In an effort to satisfy CySEC’s requirement the Company shall continue to expand its team of global financial experts at an increasing rate specifically at its Cyprus head office.”