The petty administrative fine was delved out by the Cyprus Securities and Exchange Commission (CySEC) after it determined the company had offered its services online before being officially CySEC-regulated.
The Cyprus Securities and Exchange Commission has today announced that it will hand out a small fine of €5,000 to DC Digital Processing 2 Ltd, a firm related to one of its Cypriot Investment Firms (CIFs), Novox Capital Ltd.
The tiny administrative penalty was related to a historical matter pertaining to the website optionbit.com belonging to a tied agent of the CIF license holder Novox Capital Ltd-which had to do with optionbit.com not yet being fully authorized to advertise its services within the republic of Cyprus, as per its website that CySEC referenced a snapshot from November 29, 2013 until December 2013.
Basically, during that time, and as can be seen by cached versions of the site still available online (historical snapshots), the firm advertised its services yet hasn't yet been regulated as the binary options industry has still been evolving in terms of regulatory applicability - yet nonetheless under the effect of applicable law (in Cyprus) as per CySEC, and with DC Digital Processing 2 Ltd listed as its owner (in the about us section from said snapshot excerpted from the end of 2012).
By becoming an established license holder in a given jurisdiction, like Cyprus, firms are able to help instill clients with the confidence normally associated with regulated companies - as opposed to when compared to an unregulated firm under far less supervisory mandates, if any.
The CySEC fine announced today was decided upon by the regulator on January 13th, 2014, before it had approved Optionbit under the CIF licenses of Novox Capital, and was on the absolute lower end of the spectrum in terms of how much the fine could have been under the applicable law pertaining to the regulation that CySEC cited in its announcement.
Size of Fine Indicative of Severity, or Lack Thereof
More specifically, the maximum administrative penalty for violations under Article 4, Article 141 of the Cypriot Law is capped at €350,000, and the €5,000 handed out in the announcement today shows that while the regulator thought the violation was serious enough to merit a fine, it took into consideration the efforts the company made to rectify its compliance with the relevant rules - as a mitigating factor.
Therefore, it seems that any firm that CySEC finds to be in breach of this article (4) of its applicable rules can expect at least a 5,000 EUR fine in the absolute best case scenario - unless dismissed/or settled some other way, and with the higher end of the spectrum being some 70 times larger.
The Cyprus Securities and Exchange Commission has today announced that it will hand out a small fine of €5,000 to DC Digital Processing 2 Ltd, a firm related to one of its Cypriot Investment Firms (CIFs), Novox Capital Ltd.
The tiny administrative penalty was related to a historical matter pertaining to the website optionbit.com belonging to a tied agent of the CIF license holder Novox Capital Ltd-which had to do with optionbit.com not yet being fully authorized to advertise its services within the republic of Cyprus, as per its website that CySEC referenced a snapshot from November 29, 2013 until December 2013.
Basically, during that time, and as can be seen by cached versions of the site still available online (historical snapshots), the firm advertised its services yet hasn't yet been regulated as the binary options industry has still been evolving in terms of regulatory applicability - yet nonetheless under the effect of applicable law (in Cyprus) as per CySEC, and with DC Digital Processing 2 Ltd listed as its owner (in the about us section from said snapshot excerpted from the end of 2012).
By becoming an established license holder in a given jurisdiction, like Cyprus, firms are able to help instill clients with the confidence normally associated with regulated companies - as opposed to when compared to an unregulated firm under far less supervisory mandates, if any.
The CySEC fine announced today was decided upon by the regulator on January 13th, 2014, before it had approved Optionbit under the CIF licenses of Novox Capital, and was on the absolute lower end of the spectrum in terms of how much the fine could have been under the applicable law pertaining to the regulation that CySEC cited in its announcement.
Size of Fine Indicative of Severity, or Lack Thereof
More specifically, the maximum administrative penalty for violations under Article 4, Article 141 of the Cypriot Law is capped at €350,000, and the €5,000 handed out in the announcement today shows that while the regulator thought the violation was serious enough to merit a fine, it took into consideration the efforts the company made to rectify its compliance with the relevant rules - as a mitigating factor.
Therefore, it seems that any firm that CySEC finds to be in breach of this article (4) of its applicable rules can expect at least a 5,000 EUR fine in the absolute best case scenario - unless dismissed/or settled some other way, and with the higher end of the spectrum being some 70 times larger.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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