Cyprus financial regulator Cyprus Securities and Exchange Commission (CySEC) has announced that a settlement has been reached with CIF license holder Squared Financial (CY) Ltd, which operates the SquaredFinancial Retail FX and CFDs brokerage brand, for a potential violation of Regulation (EU) No. 600/2014.

In particular, the investigation for which a settlement was reached concerned the verification of the Company’s compliance, during the period 26.10.2022 – 16.9.2024, with article 42 of Regulation (EU) No. 600/2014, regarding the intervention of the competent authorities in products and in particular paragraph 5 of CySEC Directive DI87-09 on the restriction of the marketing, distribution and sale of contracts for differences (CFDs) to retail clients.

The settlement reached with the Company, for the possible infringement, amounts to the amount of €35,000. The Company has already paid the amount of €35,000.

SquaredFinancial is run mainly from Cyprus, and operates a CySEC licensed subsidiary Squared Financial (CY) Ltd at website squaredfinancial.com, and an offshore business Squared Financial (Seychelles) Ltd at website sqfin.com.