Finance Feeds logo

Cypriot regulator reverses stance about authorization of Centralspot Trading

Maria Nikolova

CySEC has decided to recall the suspension of the CIF authorisation of Centralspot Trading Ltd.

The Cyprus Securities and Exchange Commission (CySEC) has changed its stance regarding the authorization of Cyprus investment firm (CIF) Centralspot Trading.

At its meeting held on November 18, 2019, the Cypriot regulator decided to recall the suspension of the authorisation of Centralspot Trading, number 238/14, pursuant to section 9(3)(a) of Directive DI87-05 for the Withdrawal and Suspension of Authorisation. CySEC explains that it has been satisfied that the company has complied with:

  1. Article 92(1) of Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (‘the Regulation’), in relation to its capital ratio.

  2. Article 93(1) of the Regulation, in relation to its own funds.

Earlier in November, when CySEC announced the suspension of the CIF license of the company, the regulator said the law violations committed by the firm are seen to seriously endanger the interests of the company’s customers and the proper functioning and integrity of the market.

Throughout the suspension of its license, the company was not allowed to provide/perform investment services/activities, nor to establish a business relationship with any person and accept any new clients. The company was also not allowed to advertise itself as an investment service provider.

As per CySEC’s website, Centralspot Trading Ltd operates under two brands: CFD trading firm Opteck and trading software firm FXVC. The websites of both entities are up and running at the moment of publication of this article. Opteck’s website shows a warning that the firm does not accept new clients.

Subscribe

Read this next

Digital Assets

Crypto exchange Bittrex exits US market amid regulatory woes

Bittrex said on Friday it plans to wind down operations in the United States and voluntarily liquidate because of the uncertain regulatory environment surrounding their business.

Bittrex
Institutional FX

Tradeweb completes integration of Nasdaq’s US fixed income platform

Tradeweb Markets has completed the technology integration of Nasdaq’s US fixed income electronic trading platform, formerly known as eSpeed, which it acquired two years ago in a $190 million, all-cash transaction.

Tradeweb
Digital Assets

FTX Europe to allow client withdrawals via new website

The Cypriot unit of failed cryptocurrency exchange FTX has launched a new website that it says would allow customers to withdraw deposits of fiat currency and crypto assets after months of suspension.

Sam Bankman-Fried
Retail FX

Liquidators apply to cancel SVS Securities’ FCA license

An update published today by Leonard Curtis said the UK high court of justice has approve their application to bring the special administration of the failed wealth manager SVS Securities to an end.

SVS Securities
Digital Assets

Japan forms government panel to pilot digital yen

Japan’s Finance Ministry has created an advisory panel to look at the feasibility of issuing a central bank digital currency, otherwise known as “CBDC”.

Digital Assets

USDC sees massive $10.4 billion outflows in March

Cryptocurrency traders have withdrawn more than $10 billion from the world’s second largest stablecoin, USDC, in less than three weeks even as concerns over the fallout from the Silicon Valley collapse have receded.

Interviews

OSTTRA’s Joanna Davies goes beyond 30-30-30 data standard at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Joanna Davies about OSTTRA.

Interviews

CloudMargin’s Stuart Connolly on how to manage collateral amid high rates at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Stuart Connolly about CloudMargin’s SaaS platform, said to be the only cloud-native collateral and margin management system in the industry, at a time of stress due to rising interest rates.

Interviews

Baton Systems’ Alex Knight on solving post-trade with DLT at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Alex Knight about Baton Systems’ about rising settlement fails, collateral management, and the profile of DLT beyond cryptocurrencies.

<
✖