CySEC Imposes Fine on ICFD Ltd Due to Several Violations

[kreslik.news]

The Cyprus Securities and Exchange Commission (CySEC), has imposed a €138,000 fine on an FX provider, operating under the name ICFD Ltd.

The decision to penalize the company stems from a long list of allegations, illustrating the company’s failure to comply with regulatory confinements put in place by the Cyprus regulatory body.


Allegations Against the Company

The underlying violation referred to the company providing financial services that it was not authorized to offer by CySEC. One specific unlawful service was providing investment advice, without proper licensing.

The list of accusations also notes that the company did not act in ... (read more)