CySEC Cracking Down on FX Brokerages

[kreslik.news]

Cyprus had traditionally been an ideal hub for FX and binary options retailers, with manageable processes for registration and licensing, access to traders in the EU and a somewhat lax approach to administrative fining. Last year however, what had been an FX-paradisiac island with the occasional €5000 fine imposed by its regulatory body CySEC, has turned into a blood-in-the-water-market, after the financial regulator began cracking down on local brokerages and imposing fines on several large brokers totaling no less than €1,000,000 in fines and settlements for violations including bad handling of clients’ complaints, misleading advertising and poor assessment of ... (read more)