Companies category powered by

IC Markets (EU) Ltd to appeal CySEC decision for €200,000 fine

IC Markets (EU) Ltd has announced its intention to appeal the decision by the Cyprus Securities and Exchange Commission (CySEC), to fine the company with the amount of €200,000.

The company strongly disputes CySEC's ruling, asserting that the regulator relied on unverified claims from a former employee who was dismissed for misconduct. According to IC Markets, this individual threatened the company with regulatory issues and claimed to have connections within CySEC, which they argue influenced the decision.

"This reliance on biased testimony, while ignoring undeniable evidence, suggests a pattern of selective and disproportionate application of regulatory authority by CySEC, endangering transparency, market integrity, and fair competition" it says.

It is added that the company is committed to challenging the decision through legal channels and pursuing an appeal to ensure a fair review.

Also read: CySEC imposes €200,000 administrative fine on IC Markets (EU) Ltd

(Sources: CNA/CySEC)

Read More

Chris Christofi: From Adversity to Impact
Parklane, a Luxury Collection Resort & Spa, Limassol, Unveils Yacht Experience in Collaboration with Diamantides Yachting
The countdown to the 13th Invest Cyprus International Investment Awards has begun
Cypriot-owned Zela Aviation to enhance Skyros' air connectivity
Harris Kyriakides examines key legal issues facing insurance companies
TITAN Group invests in sustainable construction materials platform in the UK
Cyprus-based Outfit7 announces new games, new audiences, and new Talking Tom
13th Invest Cyprus International Investment Awards almost here
This is what Larnaca and Paphos airports will look like after completion of Phase II works (video)
Theo Parperis on how establishing Cyprus as one of the region's family office hubs will increase FDI