Do not invest more money than you can afford to lose.
Cyprus Investment Firm (CIF) BDSwiss Holding has agreed to pay a settlement in the amount of €150,000 to the Cyprus Securities and Exchange Commission (CySEC) for not complying with regulatory requirements regarding its continuous obligations.
The CySEC launched an investigation against the broker due to suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law. The broker allegedly did not at all times comply with the conditions under which it was granted CIF authorization.
Judging by the articles the CySEC has cited as those the broker has broken, we can say that the reason for the reached settlement was that the broker has provided unclear or misleading information to clients or has not fully informed them of the risks associated to securities trading.
The broker has already paid the amount, which is calculated as income to the Treasury of the Republic and are not calculated as an income for CySEC. The decision was adopted by the CySEC board on 19 December, 2016, but was made public on Monday.
In mid-March 2016, the CySEC imposed a fine of €5,000 to BDSwiss Holding for not acting at all times in accordance with the best interests of its clients.
BDSwiss Holding is a broker of forex, binary options, and contracts for difference (CFDs) instruments. It obtained a CySEC license in late May 2013.
