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.

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