Cyprus financial regulator CySEC has announced that it has decided to suspend in whole the Cyprus Investment Firm (CIF) authorisation of Triangleview Investments Ltd.

Triangleview has held a CySEC CIF license since 2020, and operates the 3anglefx.com Retail FX and CFDs brokerage brand. The company is run from Limassol, led by longtime CEO George Panagitsas.

Triangleview had previously been fined €50,000 by CySEC, back in 2022, for issues regarding the protection of client funds.

Regarding its current action, the regulator stated that Triangleview acted in violation of:

1. article 58(a) of L.188(Ι)/2007, as further specified in articles 61(1)(a), 61(1)(b) and 61(1)(d) of L.188(Ι)/2007 and paragraphs 21(5) and 21(7) of CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing – R.A.D. 157/2019 (the ‘Directive R.A.D. 157/2019’),

2. article 58(e) of L.188(Ι)/2007, as further specified in paragraphs 26(1) and 26(2)(b-e) of Directive R.A.D. 157/2019, and

3. article 22(1) of L.87(Ι)/2017, as the Company did not comply at all times with the authorisation conditions laid down in articles:

– 9(2)(a), 9(8), 9(16) of L.87(Ι)/2017, regarding its board of directors and the persons that must effectively direct the business of the Company,

– 17(2) of L.87(Ι)/2017, as further specified in articles 22(1) and 22(2)(a) of the Commission Delegated Regulation (ΕU) 2017/565 (the ‘Regulation’) and article 17(5)(a) of L.87(Ι)/2017, as further specified in articles 30 and 31(2)(b) and (e) of the Regulation, regarding its organizational requirements.

In a more detailed explanation in the Greek section of its website, CySEC stated that taking into account the facts in this case, the violations by Triangleview / 3anglefx.com that were found do not necessitate the immediate withdrawal of the Company’s operating license, as it is estimated that they can be corrected if the Company is given an appropriate time to comply.

CySEC added that the Company has already taken corrective measures and further actions are pending, with the aim of fully complying with the terms of its operating license and, more generally, with its obligations.

Within two (2) months, the Company must take the necessary actions to comply with the aforementioned provisions.

For as long as the suspension of the authorisation is in force, as provided for in section 9 of DI87-05:

1. The Company is not permitted to:

• 1.1 Provide/carry out investment services/activities.
• 1.2 Enter into any business transaction with any person and accept any new client.
• 1.3 Advertise itself as a provider of investment services.

2. The Company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions, without such actions being considered as breach of section 9(7)(a) of DI87-05:

2.1. Complete all its own transactions and those of its clients which are before it, in accordance with client instructions.

2.2. Return all funds and financial instruments which are attributable to its clients.