Cyprus’ CySEC grants license to forex, CFDs broker Trading 212

Cyprus’ CySEC grants license to forex, CFDs broker Trading 212

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Avus Capital, a forex brokerage doing business as Trading 212 and licensed in the UK and Bulgaria, has obtained a license in Cyprus, as well, data published on Friday on the website of the Cyprus Securities and Exchange Commission (CySEC) indicated.

The broker has set up a Cypriot unit, Avus Capital CY, through which is received a license on 20 January, 2016. The license is currently non-active and is yet to be activated. No other details were provided.

Under the Cypriot regulations, the CySEC grants a financial entity a non-active license, which it later activates. However, in order to do so, the regulator has to make sure the entity has met certain conditions and criteria. Companies are not allowed to operate until they receive an activated license status.

The CySEC is headed by a five-member board, which is in charge of the supervision and regulation of the Cypriot securities market. It maintains a registrar of investment entities authorized to provide their services in the country. It includes companies licensed by the CySEC or the relevant authorities in any other EU member state.

Avus Capital operates under the brand Trading 212 in the UK and Trader.BG in Bulgaria. It provides trading of forex and contracts for difference (CFDs) on forex, gold, oil and stocks in more than 65 countries, including Germany, Russia, and China. The broker has also developed a proprietary trading platform under the Trading 212 brand available for desktop and mobile devices.

Avus Capital has units authorized and regulated by the UK’s Financial Conduct Authority (FCA) and Bulgaria’s Financial Supervision Commission (FSC), in addition to the newly-regulated Cypriot company. Investments of up to £50,000 of clients of the broker’s UK unit are safeguarded by the Financial Services Compensation Scheme (FSCS). Clients of the Bulgarian unit can receive up to €20,000 of their investments under the Investors Compensation Fund in case of default.

Source: CySEC

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