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

07:44 - 22 July 2024

Companies Reporter

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)

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