Cypriot regulator withdraws authorization of Whotrades Ltd

Maria Nikolova

The brokerage, previously known as FINAM, has sought to expressly renounce its CIF authorization.

The Cyprus Securities and Exchange Commission (CySEC) today announces that, at its meeting held on January 27, 2020, it 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 of Whotrades Ltd.

The regulatory move is in line with with company’s decision to expressly renounce its CIF authorization.

CySEC’s website shows that Whotrades was formerly known as FINAM. The company was authorized to provide, inter alia, foreign exchange services. The website of the company is still active at the moment of publishing of this article. However, the information on has not been updated for a while.

Over the past several months, the CIF authorizations of a number of online trading firms have been withdrawn. In November 2019, for instance, CySEC withdrew the license of Fidelisco Capital Markets Ltd. The withdrawal is due to the company’s decision to expressly renounce its CIF authorization.

At its meeting held on September 9, 2019, CySEC decided to withdraw the CIF authorisation of Postscriptum Capital Ltd. The regulatory move reflects the company’s decision to expressly renounce the authorization.

In August, CySEC announced that it had decided to withdraw the CIF authorization of KIT Finance Brokers Ltd. That decision was also due to the company’s decision to renounce its authorization.

Read this next

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<