The Cyprus Securities and Exchange Commission (CySEC) announces that it has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm (CIF) authorisation with Number 359/18 of MAGNUM FX (CYPRUS) LTD.

The withdrawal is due to the company’s decision to expressly renounce its license.

In August 2022, CySEC announced the imposition of a EUR 150,000 fine on Magnum FX (Cyprus) Ltd. The firm agreed to a settlement with CySEC for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 and the Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for the prudential supervision of investment firms.

More specifically, the investigation for which the settlement was reached, following information collected from an onsite inspection in the company in January 2020 and onwards, concerning, the period between January 2019 until July 2020, with regard to the company’s compliance with:

• Article 5(1) of the Law regarding the requirement for CIF authorization.
• Article 22 (1) of the Law, since it does not seem to comply at all times with the conditions set out in Chapter I for the granting of an operating license and specifically with articles 17(2) and 17(9) of the Law.
• Article 24 of the Law regarding conflicts of interest.
• Articles 25(1) and 25(3) of the Law regarding the general principles and information addressed to clients.
• Paragraph 21(g) of the Directive regarding the variable elements of remuneration.

Earlier today, the Cypriot regulator announced the withdrawal of the CIF authorisation of Inveza Capital, previously known as NFX Capital Cy Ltd and Vinst Capital Limited. That withdrawal was also based on the company’s decision to renounce its license.