CySEC imposes €100,000 fine on BDSwiss
The Board of the Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of a fine of €100,000 on Cyprus investment firm BDSwiss Holding Ltd.
The penalty stems from BDSwiss’s non-compliance with article 42 of Regulation (EU) 600/2014 (the ‘Regulation’), as specified in paragraph 5 of DI87-09, during the year 2021, for engaging in activities that resulted in the circumvention of the requirements of paragraph 4(1)(a)(initial margin) and (e)(risk warning) of DI87-09.
In particular, BDSwiss enabled offshore companies with which it was associated, to refer on the CIF’s status, as a Cyprus Investment Firm, licensed by CySEC, to attract clients to whom they offered investment services in CFDs without:
- requiring customers to pay initial margin protection,
- giving the necessary risk warning.
BDSwiss has been licensed by CySEC since May 2013. It operates via several domains, including: eu.bdswiss.com; eu.swissmarkets.com; eu.investments.bdswiss.com; eu.bdstrading.com; www.viverno.com.
July 27, 2023 @ 2:35 pm
100k fine to have made millions upon millions. That worked out well for them.
August 7, 2023 @ 10:24 pm
Countless millions on pretending to be a swiss operation, offshoring every UK client imaginable and cleaning up on them execution wise worked out very well..