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Over the past several months, the CIF authorizations of a number of online trading firms have been withdrawn.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.

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