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CySEC Fines FXVC Operator €100K for Possible Regulatory Violations
Abstract：The Cyprus Securities and Exchange Commission (CySEC) announced that it has decided to impose €100,000 fines on the Finteractive Ltd, the operator of trading brand FXVC, for possible regulatory violations.
As early in this year, FXVC has decided to voluntarily renounce its CIF license (238/14) of CySEC to operate as an investment firm.
CySEC imposed €100K fines
According to CySEC, the settlement has been reached with the CIF Finteractive Ltd for possible violation of the Investment Services and Activities and Regulated Markets Law of 2017(«the Law»). More specifically, the investigation for which the settlement was reached, covers the period 1.8.2019 to 28.2.2021 and involved assessing the Finteractives compliance with article 22(1) of the Law as to the authorisation condition laid down in article 17(2) of the Law, regarding the organisational requirements with which a CIF is required to comply.
As a result, the company agreed to pay the amount of €100.000.
Note: It is not the first time that Finteractive Ltd has been fined by regulators. In April 2021, the FCA stopped FXVC conducting any regulated activities in the UK and required the firm to close all trading positions and return the money to customers because the company is reported to use inappropriate promoting techniques to promote services.
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