Sun, July 21, 2024

CySEC Revokes ICF Membership of Four Companies

Broker News

The CySEC withdrew the Investors Compensation Fund membership of four companies (ICF). The four companies are; Sharelink Securities & Financial Services, MPS Marketplace Securities, Woodbrook Group, and Finteractive.

The Cypriot regulator recently removed the ICF membership of multiple companies, some of which have also lost their CIF licenses. These businesses include iTrader, Daweda Exchange, and London Capital Group (Cyprus).

The regulator went on to say that even though a firm may lose its ICF membership status, this does not stop clients who were invested with the firm before it lost its position from receiving compensation under the Directive if they satisfy the conditions for eligibility.

Brokers Exiting Europe

Finteractive is a broker that offers FX and CFD trading services on FXVC. The company previously applied for a Cyprus license to serve customers in the European Union. However, it is still licensed in Seychelles.

MPS (previously SpotOption) offers various services, such as receiving and transmitting orders regarding one or more financial instruments, executing orders on the client’s behalf, providing custody of assets, and foreign exchange services.

The ICF deposit guarantees the return of customer funds up to €‎20,000 if their financial service provider becomes bankrupt or otherwise unable to return the money.

Recently, CySEC started compensating clients of Maxigrid who lost their licenses last February. Clients must submit their claims online or offline before April 2023.

YOU MAY ALSO LIKE

Stocks in Asia, china

Quick Look: China aims to modernize industry, expand demand, stimulate growth, curb

The Indian Rupee Falls To A Lifetime Low, While Yields Soar

Quick Look: USD/INR Near Record High: The exchange rate nears an all-time

Stocks Advance as Fed-Minutes Rate Hint, alpine, nasdaq

Quick Look: Nasdaq, S&P 500, and Dow Jones fell by over 0.7%,

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

BROKER NEWS