de | cn | ru

Market News

CySEC Suspends License of Infina Investments over Capital Flaws

The Cyprus Securities and Exchange Commission (CySEC) has acted rough again: this time the Cypriot watchdog has temporarily withdrawn the authorization of Infina Investments (Cyprus) Limited. The company, which offers its services via the website www.infinainvestments.com is accused of numerous breaches of the Investment Services and Activities and Regulated Markets Law, with the focus on violations of the section about capital adequacy. 

 
In particular, the regulator has found that the company is in breach of:
 
- section 67 (1), which states that: “A CIF (Cyprus Investment Firm) must have own funds, which are at all times more than or equal to the sum of its capital requirements. “
- section 69 (1,2), meaning that individuals within the company or the company had exposures that exceed those determined by the Law.
- section 71 – meaning that the violations were both on individual and consolidated basis.
- sections 12, 15, 16, 18 – meaning that the company violated the requirements for a CIF license regarding organization of the business, main office and directors.
 
The suspension, which has been in force since February 21, 2014, will last for a month and demands that Infina stops providing its services in Cyprus while the suspension is in place. The watchdog may take more severe measures after the expiration of the month. Most often, if no remedy is offered for the problems, the regulator prolongs the suspension, as was the case with Cedar Finance
 
To many the decision of the watchdog must have come as a surprise given that Infina Investments has had its CIF authorization since May 27, 2009. Apparently, CySEC is tightening its grip. You may recall that about a month ago the regulator introduced a fresh set of reporting requirements for CIFs, as the work progresses on a risk based supervision framework (RBS-F). The first reports under the new requirements were due on February 3, 2014.
 
And although CySEC is strict, it does not suspend or take away licenses often. It has the right to do so, however, under section 28 (2) of the Law, that is when “there are suspicions for an alleged violation of this Law or/and the directives issued pursuant to this Law or/and the Regulation (EC) No 1287/2006 or/and any other legislation regulating the capital market, that possibly endangers the CIF's client interests or the investor interests or generally the regular operation of the capital market.”
 
For the official announcement by CySEC on Infina's license, click here.
TAGS: cysec  cysec license  cyprus forex  infina investments  authorization  authorization suspension  forex licence  forex market  cyprus investment firm  capital requirements  cif 
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

More Forex Market News

UK's FCA might ban credit card deposits with online forex and CFD brokers

Jan 20 2020 18:21:17

After earlier this month the UK Gambling Commission (UKGC) announced that after April 14th 2020 clients of gaming websites will no longer be able to use credit cards to fund their bets, some experts and analysts say it is high time that the UK's Financial Conduct Authority (FCA) do the same, as quit... Read more

The CNMV remains vigilant, blacklists Forbslab and eTrader247

Jan 20 2020 14:32:21

 Unregulated forex brokers Forbslab and eTrader247, along with several other alleged scammers, have been the latest additions to the warning list of Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV). Read more

Crypto scammer Patrick McDonnell sentenced to 33 months of imprisonment

Jan 17 2020 14:54:19

Patrick McDonnell, CEO of Coin Drop Markets, was sentenced to 33 months in federal prison and also ordered to pay $224,350 in restitution, after pleading guilty to cryptocurrency fraud last year. The Federal court in Brooklyn issued the sentence on Thursday. Read more

UK's FCA expects up to 10% decline of profits in the forex industry

Jan 16 2020 17:47:56

The Financial Conduct Authority (FCA) expects that the new regulations imposed on the retail forex and CFD brokers in the UK will lead to an overall reduction of their profits of between 6% and 10% - a decline which by the year 2021 may reach between 38.5 million GBP and 55.3 million GBP. Read more

UK’s FCA updates its warning list with A.B.Capitals and LincolnFX

Jan 16 2020 16:48:27

  Another bunch of brokers have made it to the warning list of UK’s Financial Conduct Authority since the beginning of 2020. We’ll focus on two of them - A.B. Read more

Coinbase will pay $1 mln to victims of the Cryptsy hack attack

Jan 15 2020 18:06:18

Coinbase, the San Francisco based crypto exchange, has agreed to pay 962500 USD as a compensation  to victims of the Cryptsy hacker attack, in an out of court settlement, court papers reveal. Read more

Clients of FXFINPRO to be invited to file compensation claims

Jan 15 2020 14:32:03

  Clients of now-defunct forex brokerage FXFINPRO will be invited to submit compensation applications by the Investor Compensation Fund (ICF), the Cyprus Securities Exchange Commission (CySEC) announced on Monday. Read more

Australians were scammed for $42.5 mln in 2019 alone

Jan 14 2020 14:08:08

Australians have lost some 61.61 mln AUD (42.5 mln USD) in investment scams in 2019 alone, the latest data of the Australian Competition and Consumer Commission (ACCC) reveals. Read more

Chinese investors lost an average of $20k to crypto scams in 2019

Jan 14 2020 13:06:44

  Chinese crypto investors who have been scammed in 2019 reportedly lost nearly $20k each (134,522 yuan), according to the 2019 Cyber Fraud Trend Research Report, published previous week. Read more

Cobinhood suspends operations amidst exit scam rumors

Jan 13 2020 15:53:10

  Crypto exchange Cobinhood announced they’re shutting down temporarily last week to audit all accounts' balances. However, many suspect that the people behind the operation are actually pulling an exit scam. Read more

de | cn | ru