CySEC Fines XForex Parent €225,000 for Multiple Advisory Failures

[kreslik.news]

The Cyprus Securities and Exchange Commission (CySEC) announced today that it has imposed a fine of €225,000 on XFR Financial Ltd, owner of forex brokers XForex and XTrade, for a series of non-compliance issues in connection with the provision of trading services.

The violations relate to the Investment Services and Activities and Regulated Markets Law and Directive DI 144-2007-01 which govern the authorisation, operating conditions and professional competence of CIFs.

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Commenting to Finance Magnates a spokesperson for the company stated: “We wish to emphasize that the penalty imposed by CySEC was levelled against XForex. Since rebranding, ... (read more)