CySEC reaches €160,000 settlement with Indication Investments

Maria Nikolova

The Cypriot regulator reached a settlement agreement with Indication Investments Ltd, operator of LIBERTEX, for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017.

The Cyprus Securities and Exchange Commission (CySEC) today announces that it has reached a settlement agreement with the Cyprus Investment Firm (CIF) Indication Investments Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 («the Law»).

Let’s note that Indication Investments is licensed by CySEC to operate two domains – www.fxclub-global.com and https://libertex.com. Only the latter is currently operational.

The settlement has been reached following an investigation, which took place at Indication Investments’ premises in November 2018. The investigation related to the following regulatory requirements supervised by CySEC:

  • Articles 28(1)(a), 28(7) and 28(8) of the Law, regarding the CIF’s obligation to execute orders on terms most favorable to the client.
  • Articles 22(1) regarding the conditions for CIF authorisation. Explicitly, articles 17(3)(a) and 17(4) of the Law, regarding the CIF’s obligation towards its organisational requirements.
  • Article 40 of Regulation (EU) No 600/2014, regarding ESMA temporary intervention powers. In particular, ESMA’s Decision (EU) 2018/796, for the temporary restriction on contracts for differences in the Union in respect of retail clients.

ESMA’s Decision (EU) 2018/796 imposed restrictions on the maximum leverage (up to 1:30) for specified products when these are offered to retail clients. Also, Article 2 of the ESMA’s Decision (EU) 2018/796 required the implementation of margin close-out protection for retail clients that trade CFDs.

The settlement reached with the company, regarding the possible violations of its regulatory obligations, amounts to €160,000. Indication Investments settled the amount of €160,000, CySEC says.

All amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute CySEC income.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<