The Cyprus Securities and Exchange Commission (CySEC ) has withdrawn the investment firm license of Viverno Markets Ltd, the B2B unit of BDSwiss. The regulator made the decision after determining that the company had not provided investment services or conducted any activity for six months prior to its license suspension.

Viverno Markets Must Inform Clients of Closure

As a result of the license withdrawal, Viverno Markets must take several actions to close its operations in line with regulatory requirements. The company is required to publish an announcement on all its websites informing the public of the license withdrawal. This announcement must also outline the steps clients need to follow to complete any outstanding transactions, retrieve their funds and financial instruments, and submit any complaints.

In addition, Viverno Markets must inform each of its clients directly using the same communication channels it previously used. The company is obligated to return all funds and financial instruments belonging to clients, including any profits that may be due.

CySEC Suspends Viverno Markets’ Operations

The firm must address and resolve all client complaints submitted to it. It is prohibited from offering any further investment or ancillary services and must maintain operational offices to handle the required procedures during the winding-down process.

In October last year, CySEC fully suspended the license of Viverno Markets. The company provided liquidity and technology solutions to other CFD brokers. CySEC has raised concerns that Viverno Markets may have violated regulations requiring at least two individuals to effectively manage the company’s operations under its CIF license.

You may find it interesting at FinanceMagnates.com: BDSwiss Secures Key UAE License to Expand Services in MENA.

BDSwiss Faces Departures

Recently, BDSwiss experienced the departure of at least ten employees, including top executives such as the Chief Marketing Officer, Chief Sales Officer, and Global Head of Sales. The company also faced concerns from traders about withdrawal issues.

BDSwiss confirmed it is restructuring its operations and discontinuing services in certain regions, though it did not specify which. This shift followed the acquisition of a license from the UAE’s Securities and Commodities Authority.