The Cyprus Securities and Exchange Commission (CySEC) announces that, at its meeting held on July 4, 2022, it has decided to withdraw the Cyprus Investment Firm (CIF) authorisation of Finteractive Ltd.

The withdrawal reflects the company’s decision to expressly renounce the CIF license.

As FNG has reported, earlier this year CySEC announced that it reached a settlement with Finteractive Ltd on a fine of €100,000. Finteractive operates the FXVC retail FX broker brand.

CySEC said that the settlement is for possible violation by Finteractive of the Investment Services and Activities and Regulated Markets Law of 2017. More specifically, the investigation for which the settlement was reached, covers the period 1.8.2019 to 28.2.2021 and involved assessing the Company’s compliance with article 22(1) of the Law as to the authorisation condition laid down in article 17(2) of the Law, regarding the organisational requirements with which a CIF is required to comply.