HotForex fined with a total of €105,000 by CySEC

The Cyprus Securities and Exchange Commission (CySEC) said on Friday it imposed several administrative fines totaling €105,000 to forex broker HF Markets (Europe) Ltd., doing business as HotForex, for a number of regulatory incompliances.

According to the announcement of the Cypriot financial watchdog, the company behind the HotForex brand committed various non-compliances with the applicable laws and regulations, such as:

• The company did not maintain adequate and orderly records of its business and internal organization;
• The information provided to the Company’s clients and on its website was not fair, clear and non-misleading;
• The company did not undertake appropriate risk management measures.

As CySEC strives to exercise efficient supervision of the financial services providers and sees to the protection of their clients’ interests, it often imposes salt fines to companies under its jurisdiction. In July, Cypriot regulator hit OptionFair binaries broker with €138 000 fine.

HotForex is the unified brand name of HF Markets Group, which operates under its subsidiaries HF Markets, licensed by the Mauritius financial regulator, the Financial Services Commission (FSC), and HF Markets (Europe), which holds a license by the Cyprus Securities and Exchange Commission (CySec).

Earlier in June, the HF Markets Group also got license from South Africa’s Financial Services board (FSB).