CySEC Withdrawal of Arumpro Capital License: Regulatory Failures

CySEC Fines €50,000 BCM for Regulatory Violations!

Cyprus Securities and Exchange Commission (CySEC) has once again taken enforcement action against Begin Capital Markets (BCM), settling for a monetary penalty and fines of €50,000. This marks the latest in a series of regulatory measures against the company for “possible violations” of local regulations.

The settlement, announced today, stems from an investigation into the company’s compliance regarding the provision of investment services to clients residing in Slovenia, according to the regulatory notice. The possible lapses identified include issues related to Cyprus Investment Fund (CIF) authorization, organizational requirements, conflicts of interest, assessment of appropriateness to clients, and the formulation and content of key information documents.

CySEC Imposes €50,000 Fines on BCM for Regulatory Violations.

Begin Capital Markets (BCM), formerly known as OX Capital Markets Limited, operates under various brands, including CapitalPanda and ProfitLevel, offering counterparty trading services across forex instruments, equities, and other asset classes. Although the company obtained its CIF license in April 2015, it has voluntarily relinquished it, subjecting it to ongoing regulatory scrutiny.

This recent enforcement action is not the first for BCM Begin Capital Markets. In the past year, the company settled with CySEC twice, initially for a monetary penalty of €170,000 and subsequently for €100,000.

CySEC, known for being a preferred regulator for retail forex and contracts for differences (CFDs) services in the European Union, remains vigilant in addressing regulatory lapses within the industry. TriumphFX was recently under scrutiny due to concerns over the influence of its sole indirect shareholder.

In another recent development, CySEC took action against the operator of TradeEU.com and Titan Edge, imposing a monetary settlement of €90,000. The regulator continues to actively combat imposters posing as regulatory staff, a tactic used to defraud investors and companies. New Zealand’s financial services market regulator has raised alarms about individuals impersonating CySEC, emphasizing the need for heightened awareness within the industry.

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