CySEC Slaps the Wrists of Two Binary Options Related Firms
- Out of a maximum limit of €350,000, the Cyprus Securities and Exchange Commission fined an unlicensed broker €8,000 and a payment processor €10,000 for "false or misleading statements" to the regulator.
The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission, CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, announced today, January 16th, it has decided to impose minor administrative fines on two companies related to the binary options industry, back in December of 2013.
Calpiaco Ltd., was fined €5,000 for breaching Article 4 of the Investment Services and Activities and Regulated Markets Law - operating an investment service in binary option contracts (binary options broker) without a license. The company operated under the name of optionsbravo during 2012-2013.
The Cypriot regulator cited among the mitigating factors for its lenient verdict, that the firm shut down its website and informed the commision that it plans to apply in the future for a CIF license, as was needed in the first place. An additional fine of €3,000 was set for Calpiaco Ltd. for not submitting information requested by CySEC with respect to the identity of the final beneficial owner of the Company.
ChargeXP Investments Limited, a payment service provider, was charged €10,000 for infringement of Article 41 of the SEC Act of 2009- providing false and/or misleading statements and concealment and/or failing to report required information to the Commission, during February and March of 2013. In the announcement, CySEC stated it takes such a violation with all due seriousness, but some might say that a fine of less than 2.9% out of the possible limit set by the law (€350,000) fails to reflect that.
ChargeXP is a payment processor widely-used by binary options brokers, the company boasts on its website that it "is the payment processor of choice for brands of Spotoption Ltd." The only mitigating factor cited, is the fact that the company finally produced the information the Commission requested in July 2013.
The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission, CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, announced today, January 16th, it has decided to impose minor administrative fines on two companies related to the binary options industry, back in December of 2013.
Calpiaco Ltd., was fined €5,000 for breaching Article 4 of the Investment Services and Activities and Regulated Markets Law - operating an investment service in binary option contracts (binary options broker) without a license. The company operated under the name of optionsbravo during 2012-2013.
The Cypriot regulator cited among the mitigating factors for its lenient verdict, that the firm shut down its website and informed the commision that it plans to apply in the future for a CIF license, as was needed in the first place. An additional fine of €3,000 was set for Calpiaco Ltd. for not submitting information requested by CySEC with respect to the identity of the final beneficial owner of the Company.
ChargeXP Investments Limited, a payment service provider, was charged €10,000 for infringement of Article 41 of the SEC Act of 2009- providing false and/or misleading statements and concealment and/or failing to report required information to the Commission, during February and March of 2013. In the announcement, CySEC stated it takes such a violation with all due seriousness, but some might say that a fine of less than 2.9% out of the possible limit set by the law (€350,000) fails to reflect that.
ChargeXP is a payment processor widely-used by binary options brokers, the company boasts on its website that it "is the payment processor of choice for brands of Spotoption Ltd." The only mitigating factor cited, is the fact that the company finally produced the information the Commission requested in July 2013.