The Cyprus Securities and Exchange Commission (CySEC) today issued an update regarding its decision to prohibit Petros Zachariades from exercising his management duties at Crowd Tech Ltd.

In January 2023, the regulator decided:

1. to suspend the exercise of the voting rights attached to the shares of the company Crowd Tech Ltd (the ‘CIF’), held by Mr. Zachariades and

2. to prohibit to Mr. Zachariades to exercise management duties to the Board of Directors of the CIF.

Today, CySEC said that it decided to grant an extension until 13rd September 2024 to the entry into force of the said measures, in the light of the facts before it.

Crowd Tech Ltd, formerly known as MPF Global Markets Ltd, operates the domain trade360.com.

CySEC had earlier found that the influence exercised by Mr. Petros Zachariades, as sole shareholder of Crowd Tech, is prejudicial to the sound and prudent management of the CIF.

Let’s recall that, in October 2022, CySEC announced a settlement with Crowd Tech. The settlement concerned possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 and of the Regulation (EU) 600/2014 on markets in financial instruments.