Finance Feeds logo

CySEC withdraws authorization of Centralspot Trading

Maria Nikolova

Centralspot Trading Ltd operates as CFD trading firm Opteck and trading software provider FXVC.

The Cyprus Securities and Exchange Commission (CySEC) today published its decision to withdraw the authorization as Cyprus Investment Firm of Centralspot Trading Ltd. The decision has been made due to the company’s suspected non-compliance with securities laws.

In particular, 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.

The company is obliged, within fifteen (15) days, to take actions to comply with Articles 92 (1) and 93 (1) of Regulation (EU) No 575/2013.

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

The company, if its existing customers so desire, may take the following actions without being deemed to be in breach of the provisions of Article 7 (a) of Directive DI87-05:

  • Complete all transactions with its customers.
  • Return all the funds that it owes to its customers.

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. Both websites show warning messages that clients from the European Union are not accepted.

Subscribe

Read this next

Retail FX

IBKR extends US Treasury bond trading to 22 hours per day

US Treasury bonds are highly sought after by investors seeking stability and security in their portfolios as these instruments are often considered one of the safest investment options. 

Market News

Navigating Yen Depreciation and Euro Resilience in Global Markets

Amidst the persistent depreciation of the Japanese yen against the US dollar, pressure mounts on Japanese policymakers to translate their verbal assurances into tangible actions.

acy securities logo
Digital Assets

El Salvador refutes rumors of Bitcoin wallet hack

Chivo Wallet, El Salvador’s official cryptocurrency wallet, has dismissed reports of a hack involving its software source code and the data of over 5 million users associated with its KYC (Know Your Customer) procedures.

blockdag

Best Crypto to Buy: BlockDAG Presale Hits $20.1M Following Moon-Shot Keynote Teaser as Dogecoin & Shiba Inu Prices Plummet

This landmark achievement sets it apart in the cryptocurrency landscape, where traditional favorites like Dogecoin and Shiba Inu are witnessing a price decline.

BlockDAG to the moon
Digital Assets

MetaMask developer sues SEC over regulatory overreach

Ethereum ecosystem developer Consensys Software has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging the agency’s regulatory actions concerning Ethereum and its related services.

Institutional FX

Tradeweb pulls in $408.7 million in Q1 revenue amid record trading volumes

Tradeweb Markets Inc. (NASDAQ: TW) has just announced its financial results for the first quarter of 2024, which showed a robust performance for the three months through March.

Institutional FX

BGC Group valued at $667 million following investment by major banks

BGC Group announced that its exchange platform, FMX Futures, is now valued at $667 million after receiving investments from a notable consortium of financial institutions.

blockdag

Transforming a Bankrupt Investor into a Cryptocurrency Giant; Can BlockDAG Replicate Ethereum’s Meteoric Rise With 30,000x Predictions?

The realm of cryptocurrency investing presents a thrilling blend of challenges and opportunities. The legendary gains by early Ethereum investors serve as a powerful lure for those seeking the next major breakthrough.

Top ICO you cant miss BlockDAG
Digital Assets

SEC delays decision on spot bitcoin options ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to authorize options trading on spot bitcoin ETFs, extending the review period by an additional 45 days. The new deadline for the SEC’s decision is now set for May 29, 2024.

Bitcoin ETF
<
✖