CySEC Fines SkyFX €20,000 for Outsourcing Activities to Israel
The investigation began more than two years ago, with the case serving to demonstrate that clients shouldn't solely rely on
An announcement by the Cyprus Securities and Exchange Commission (CySEC) details that in February the regulator fined SkyFX a total of €20,000. The company operating the brokerage, Trademarker, has been found to be infringing a number of regulatory requirements.
The first count is for violating the requirements for suitability of shareholders and for outsourcing services to other countries. The fine on this charge is €10,000.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
the investigation stems from poor practices which were reported by clients in August of 2013
SkyFX also failed to comply with regulations related to outsourcing some services to third parties. In this particular case, the firm has been found to have outsourced some marketing activity to Israel.
Suggested articles
Tales from TIOmarkets: Not Just Another Trading CompetitionGo to article >>
A company representative has shared with Finance Magnates reporters that the regulatory violations for which SkyFX has been fined are both legacy issues for the current ownership and have occurred back in 2013.
Following is the official statement made by a SkyFX representative, “The ownership of SkyFX and Trademarker would like to acknowledge the following, in regards to the fine issued by CySEC to our company on 20 May 2015, the investigation stems from poor practices which were reported by clients in August of 2013, prior to our purchase of the SkyFX/Trademarker brand and company.”
“While we are pleased this matter has now come to a close, we feel it is correct to acknowledge this very lengthy investigation began nearly two years ago,” the statement concluded.
There have been numerous reports about clients of SkyFX being called with solicitations to open trading accounts. The activity does not comply with the regulatory framework in Cyprus. In addition, the broker has allowed for investment services to be provided by non-licensed persons in Israel. On these two counts the fine totals another €10,000 euros.
The regulator has considered the fact that the company abandoned its practices as a mitigating factor as the unauthorized shareholders have left the firm and clients are no longer contacted by persons who are not authorized by CySEC to give investment advice.
One of the biggest problem with Skyfx is their trading platform doesn’t works properly. Slow execution and poor customer support.
One of the biggest problem with Skyfx is their trading platform doesn’t works properly. Slow execution and poor customer support.
I have kept a record of dealings with SK FX and its trader Tom Long (LIGANOR). He builds up the account and destroys it so that the initial investment is wiped out. There are also attempts at obtaining money fraudulently. Tom Long (LIGANOR) ignores all requests for explanations. Attempts to get information in accordance with MIFID Regulations from Andrea Achilleos & David R. (DAVE R.) – wouldn’t give his surname – in spite of several requests are deliberately ignored. An attempt to do a withdrawal is now in its tenth day. Their Customer Support is non-existent!! Can anybody give any… Read more »
I had an account with SkyFX and mid Feb I couldn’t access my account anymore. I asked for a withdrawal of my funds but no reply and no calls are answered. Is there some authority I could approach to get my money out of them?
ciao Daniel, sono nella tua identica situazione, ho fatto una segnalazione nei confronti della società tramite il sito della MIFID, sono in attesa di risposte……..i nnrr. di telefono e le e-mail di skyfx sono ormai senza risposta.
fammi sapere se la tua situazione si muove, magari se riusciamo a trovare altri messi nella nostra condizione si può pensare a fare un azione legale.
ciao Mirco
Hi Mirco! Thanks to Google translate, I could understand your message. I’ve sent a complaint to CySEC but they didn’t even respond to my email. I somehow think we won’t see a cent from them. One thing in life I’ve learned is to put bad things behind you and put your energy into positive and new ideas. That is the best way to take the bad feelings out of you. Good luck. I’m working on some good ideas and if it works, I will let you know. Ciao Daniel