The Cyprus Securities and Exchange Commission (CySEC) has revoked the investment services license of Royal Forex Ltd. The regulatory decision was publicly disclosed today (Tuesday).
The decision follows CySEC’s broader regulatory efforts, including a recent notice reminding Cyprus Investment Firms (CIFs) of their obligations under EU-wide regulations. The regulator has outlined compliance requirements that align with the European Green Deal, urging firms to integrate sustainability considerations into their operations.
CySEC Withdraws Royal Forex CIF License
According to the announcement, the firm voluntarily renounced its authorization. The withdrawal was conducted in accordance with the legal framework governing investment services and regulated markets in Cyprus, including relevant provisions of national legislation and directives.
Royal Forex was previously authorized as a CIF, allowing it to offer investment services under Cypriot regulation . The company’s legal entity identifier was also referenced in the regulatory notice. There was no mention of any judicial review or further proceedings related to this decision.
CySEC Warns Against Fraudulent Investor Schemes
Fraudsters are once again deceiving investors by impersonating representatives ofCySEC. The regulator has issued a warning after noticing an increase in cases where individuals use fake email accounts and online profiles to pose as officials, as reported by Finance Magnates.
The regulator stated that these individuals are soliciting fees from investors in exchange for fraudulent claims related to compensation from firms under CySEC's supervision.
This follows a similar warning issued last year, where CySEC alerted the public about suspicious websites and email addresses falsely claiming to be associated with the regulator.
The sites “cysecgov.org” and “cysecgov.cc” were identified as being designed to imitate CySEC communications.
The perpetrators often use email addresses that resemble official CySEC domains to appear credible. However, CySEC has clarified that it does not contact individuals directly or request fees for any purpose.
CySEC has advised the public to stay vigilant and verify all communications to avoid falling victim to these scams. The fraudsters typically reach out via email, phone calls, or social media, offering assistance with compensation claims related to CySEC-supervised firms.
