The Cyprus Securities and Exchange Commission (CySEC) has decided to change course Tuesday, recalling the suspension of the Cyprus Investment Firm (CIF) License of Centralspot Trading, citing a regulatory manifest.
Back on November 8, CySEC wholly suspended the Cyprus Investment Firm (CIF) License of Centralspot Trading, which operates FX broker Opteck.
In doing so, CySEC had ordered the company to take corrective measures within a set framework. A failure to do so would have resulted in additional measures, leading to the fresh imposition of fines and possibly even the withdrawal of their licenses.
Just 11 days later, however, CySEC has confirmed that Centralspot Trading has indeed complied with each of its stipulated measures. This includes satisfying prudential requirements for credit institutions and investment firms and shoring up its capital ratio.
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Centralspot was originally given 15 days to take the necessary actions to comply with the specified provisions. During the past 11 days, the group was barred from providing any services or enter into a business relationship with any person and take on any new clients.
The decision represents a welcome finality for Centralspot Trading, following its previous brush with CySEC back in 2017.
Two years ago, its managed brand, Opteck, was initially flagged for non-compliance and had its license temporarily suspended by CySEC following several allegations of multiple violations.
The company had been fined €50,000 for outsourcing its services to third parties and at times, was misrepresenting the qualifications of its personnel to clients and prospective clients.