CySEC Withdraws CFD Provider Conotoxia Ltd Licence After Around One-Year Suspension

Friday, 05/06/2026 | 16:14 GMT by Tareq Sikder
  • The regulator cited “governance, management, shareholder suitability, and organisational deficiencies.”
  • The firm must investigate and resolve all outstanding customer complaints.
Ajax Building, Nicosia, CySEC Headquarters, Source: Wikipedia
Ajax Building, Nicosia, CySEC Headquarters, Source: Wikipedia

The Cyprus Securities and Exchange Commission has withdrawn the Cyprus Investment Firm authorisation of Conotoxia Ltd, ending the firm’s regulated investment services activities in Cyprus.

Conotoxia Ltd operated as the investment services arm of the Conotoxia group. The company previously offered trading in contracts for difference across multiple asset classes, including foreign exchange, stocks, indices, commodities, ETFs, futures, and cryptocurrencies .

CySEC Withdraws Conotoxia Licence

CySEC said the decision was taken at a meeting held in December last year. According to the regulator, the withdrawal followed the company’s failure to comply with ongoing authorisation requirements under Cyprus investment services legislation.

The regulator said the deficiencies related to several areas, including “the suitability of a member of its board of directors,” the requirement to maintain “at least two persons effectively directing its business activities,” the suitability of a shareholder, and the firm’s organisational arrangements.

As a result, CySEC concluded that the company “no longer fulfils the conditions under which its authorisation was granted.”

Source: CySEC
Source: CySEC

CySEC Orders Complaints Investigation Closure

The decision follows earlier enforcement action against Conotoxia Ltd. The regulator noted that the firm’s licence had been suspended since July last year under a separate decision published on the same day.

Following the withdrawal of authorisation, CySEC instructed the company to immediately remove all references to providing investment services, as well as references to its CySEC licence and supervision, from its websites and other materials.

It also ordered the firm to investigate and resolve all customer complaints submitted to it. In addition, Conotoxia must ensure it does not provide investment or ancillary services following the withdrawal of its authorisation.

Recent developments in Poland involving Cinkciarz.pl and its related entities have added broader regulatory context around parts of the wider Conotoxia group structure. Polish prosecutors have expanded fraud charges against the group’s CEO and are continuing their investigation into alleged client losses and frozen accounts.

The Cyprus Securities and Exchange Commission has withdrawn the Cyprus Investment Firm authorisation of Conotoxia Ltd, ending the firm’s regulated investment services activities in Cyprus.

Conotoxia Ltd operated as the investment services arm of the Conotoxia group. The company previously offered trading in contracts for difference across multiple asset classes, including foreign exchange, stocks, indices, commodities, ETFs, futures, and cryptocurrencies .

CySEC Withdraws Conotoxia Licence

CySEC said the decision was taken at a meeting held in December last year. According to the regulator, the withdrawal followed the company’s failure to comply with ongoing authorisation requirements under Cyprus investment services legislation.

The regulator said the deficiencies related to several areas, including “the suitability of a member of its board of directors,” the requirement to maintain “at least two persons effectively directing its business activities,” the suitability of a shareholder, and the firm’s organisational arrangements.

As a result, CySEC concluded that the company “no longer fulfils the conditions under which its authorisation was granted.”

Source: CySEC
Source: CySEC

CySEC Orders Complaints Investigation Closure

The decision follows earlier enforcement action against Conotoxia Ltd. The regulator noted that the firm’s licence had been suspended since July last year under a separate decision published on the same day.

Following the withdrawal of authorisation, CySEC instructed the company to immediately remove all references to providing investment services, as well as references to its CySEC licence and supervision, from its websites and other materials.

It also ordered the firm to investigate and resolve all customer complaints submitted to it. In addition, Conotoxia must ensure it does not provide investment or ancillary services following the withdrawal of its authorisation.

Recent developments in Poland involving Cinkciarz.pl and its related entities have added broader regulatory context around parts of the wider Conotoxia group structure. Polish prosecutors have expanded fraud charges against the group’s CEO and are continuing their investigation into alleged client losses and frozen accounts.

About the Author: Tareq Sikder
Tareq Sikder
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About the Author: Tareq Sikder
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023. At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London. Education: Honours degree Information Technology, Anfell College, London
  • 2321 Articles
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