Breaking: CySEC Suspends CIF Licenses for Capital Option, SkyFX
- SkyFX and Capital Option's operations have formally been halted by CySEC, following a suspension of Trademarker's licensing after several alleged violations.
Trademarker Ltd, the operating entity behind Capital Option and SkyFX, has had its Cyprus Investment Firm (CIF) license suspended by the Cyprus Securities and Exchange 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), following alleged violations and non-compliance measures, according to a recent regulatory filing.
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Trademarker is the brand that oversees SkyFX and binary options site Capital Option. In particular, SkyFX has had a brush with Cypriot regulatory authorities recently, being fined over $22,000 by CySEC back in May for improperly outsourcing segments of its operations and activities to Israel.
SkyFX is owned by Aviv Talmor, who also is the owner of the brokerage UTrade, which back in December faced Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term allegations from Israeli lawmakers, consequently resulting in a suspension of its operations. Talmor is also the individual who until recently was behind the Trademarker group, with the latest CIF suspension portending trouble for the beleaguered former UTrade CEO.
According to the CySEC regulatory manifest, Trademarker Ltd has drawn a suspension of its CIF license after several allegations (section 28[1]), violations in its client authorization (section 12), as well as organizational lapses (section 13) which violate CySEC requirements.
Most importantly, CySEC has opted to suspend Trademarker Ltd’s license given its potential to endanger the group’s client interests and assets, with negative repercussions on capital markets. As a result, CySEC has given Trademarker Ltd a period of fifteen days to remedy its aforementioned violations and to comply with the regulator’s provisions.
In the interim, Trademarker Ltd is prohibited from performing or providing any investment services across its operations and brands. In addition, clients across Trademarker’s brands are obligated to close any and all client positions in regard to previously outlined contractual obligations, including the return of their respective funds and profits earned.
Trademarker Ltd, the operating entity behind Capital Option and SkyFX, has had its Cyprus Investment Firm (CIF) license suspended by the Cyprus Securities and Exchange 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), following alleged violations and non-compliance measures, according to a recent regulatory filing.
Avid industry news reader? Take the Finance Magnates quiz
Trademarker is the brand that oversees SkyFX and binary options site Capital Option. In particular, SkyFX has had a brush with Cypriot regulatory authorities recently, being fined over $22,000 by CySEC back in May for improperly outsourcing segments of its operations and activities to Israel.
SkyFX is owned by Aviv Talmor, who also is the owner of the brokerage UTrade, which back in December faced Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term allegations from Israeli lawmakers, consequently resulting in a suspension of its operations. Talmor is also the individual who until recently was behind the Trademarker group, with the latest CIF suspension portending trouble for the beleaguered former UTrade CEO.
According to the CySEC regulatory manifest, Trademarker Ltd has drawn a suspension of its CIF license after several allegations (section 28[1]), violations in its client authorization (section 12), as well as organizational lapses (section 13) which violate CySEC requirements.
Most importantly, CySEC has opted to suspend Trademarker Ltd’s license given its potential to endanger the group’s client interests and assets, with negative repercussions on capital markets. As a result, CySEC has given Trademarker Ltd a period of fifteen days to remedy its aforementioned violations and to comply with the regulator’s provisions.
In the interim, Trademarker Ltd is prohibited from performing or providing any investment services across its operations and brands. In addition, clients across Trademarker’s brands are obligated to close any and all client positions in regard to previously outlined contractual obligations, including the return of their respective funds and profits earned.