HotForex Fined by CySEC €105,000 for Outsourcing Calls and Misrepresenting Risk

[kreslik.news]

The board of the Cyprus Securities and Exchange Commission (CySEC) has fined the parent company of HotForex, HF Markets in January 2016, on multiple violations of the securities laws in the country. The fine constituted €105,000 with a detailed breakdown on the different violations officially published by the regulator.

According to CySEC’s announcement, HotForex has failed to comply with the law obligations that require it to adequately maintain records of business operations. The firm has been outsourcing some of its activities to third parties and could not provide the regulator with an official agreement of the service provider to which it ... (read more)