CySEC Temporarily Suspends CIF License of IGM Forex

[kreslik.news]

The Cyprus Financial regulator CySEC has just informed the public that it handed down a suspension on the Cyprus Investment Firm (CIF) license of IGM Forex Ltd, according to a decision being made at the regulator’s last meeting.

IGM Forex, which holds registration number 309/16, had its licence temporarily suspended after CySEC raised concerns over practices by the company, as well as its capital adequacy that the watchdog deemed potentially not compliant with regulatory standards.

In particular, the broker was initially flagged for non-compliance with section 28(1) of the Law which requires any CIF to “have its own funds, which ... (read more)