CySEC withdraws license of FXBFI Broker Financial Invest
The Cyprus Securities and Exchange Commission (CySEC) announces the withdrawal of the Cyprus Investment Firm (CIF) license of FXBFI Broker Financial Invest.
The firm operates via two approved domains: www.fxbfi.com and www.101investing.com.
The regulatory decision was made in response to the firm’s decision to expressly renounce its license. The withdrawal is in line with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05.
In August 2022, CySEC reached a €150,000 settlement with the firm. The settlement concerned 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 Services Firms.
In June 2023, CySEC announced the imposition of a fine of €50,000 against FXBFI. The €50,000 fine is in regards to failures in the areas of prevention and suppression of money laundering and terrorist financing. CySEC stated that FXBFI did not apply adequate and appropriate policies, controls and procedures, so as to mitigate and manage the risks of money laundering and terrorist financing effectively.