CySEC has change of heart: revises stance on CIF licenses withdrawn

Maria Nikolova

The Cypriot financial regulator has demonstrated some startling swiftness in revising its stance on CIF licenses withdrawn – it took CySEC a weekend to decide to give back authorisations suspended on Friday.

cyprus

Sometimes the ways a regulator operates and makes its authoritative calls are mysterious… The Cyprus Securities and Exchange Commission (CySEC) has suffered a change of heart over the last weekend, which by chance included the Fools Day. It is not yet clear whether the Cypriot regulator decided to play a prank to the public or not but it has just published announcements saying it is withdrawing the suspension on a couple of licenses suspended last Friday.

It took CySEC a weekend to realize that at least two of the companies affected by the Cyprus Investment Firms (CIFs) licenses withdrawal – TTCM Traders Trust Capital Markets Ltd and Leadtrade, are now compliant with legal requirements. On Friday, the regulator claimed that four companies – the two just mentioned, as well as Dragon Options and Gametech, are suspected of breaching legal provisions concerning own funds and capital adequacy ratio. Today, CySEC says TTCM Traders Trust Capital and Leadtrade have rectified the problems.

The designation “suspended” next to Dragon Options has also disappeared. The designation remains in place against the name of Gametech at the moment of publication of this article. For how long? Only CySEC knows.

The latest swift revision of CySEC’s mind on law violations by several companies raises questions on whether the regulatory proposals regarding binary options will indeed be implemented. Maybe they will be changed over the next weekend?

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”

Technology

Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.

<