Cypriot Investors Compensation Fund withdraws membership of four firms
The Cyprus Securities and Exchange Commission (CySEC) today confirmed that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of the following members:
- MPS Marketplace Securities Ltd,
Sharelink Securities & Financial Services Ltd,
Finteractive Ltd and
Woodbrook Group Ltd.
CySEC notes that, in accordance with paragraph 6(3) of the Directive, the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.
Let’s recall that CySEC announced the withdrawal of the Cyprus Investment Firm (CIF) authorisation of MPS Marketplace Securities Ltd in July 2022. The company is formerly known as SpotOption Exchange Ltd and S.O. Spotoption Ltd, a brand widely known when the binary options industry flourished.
The withdrawal of the CIF authorization of of Sharelink Securities & Financial Services Ltd was also announced in July 2022. The withdrawal reflects the company’s decision to expressly renounce its CIF authorization.
CySEC’s withdrawal of the license of Finteractive also reflects the company’s decision to renounce it.
Woodbrook bid goodbye to its CIF license in May 2022.