Cyprus-registered investment firm FXBFI Broker has settled with the Cyprus Securities and Exchange Commission (CySEC) after paying €150,000 for possible violations. The regulator stated that the settlement decision was reached by the Board in March of this year.

FXBFI Violated Non-Compliance Regulations

CySEC noted that the violations were concerning non-compliance with the DI144-2014-14 Directive, as it concerns the authorization conditions in articles 5 (1), 25, and 26 (3).

According to t the report, the settlement was made after CySEC discovered discrepancies in FXBFI Broker’s compliance records from February and August 2020. It was observed that the company violated the law on conflict of interest as well as the information and general principles to clients.

Additionally, the firm was accused of violating compliance with remuneration and reporting to clients. This comes days after CySEC announced that two retail brokers MagnumFX and F1 Markets were fined €150,000 each for violations of local financial regulations.

Last month, the watchdog slammed a €50,000 fine on broker Traingleview Investments for offenses related to violations of CySEC’s compliance rules.

The regulator has been very active over the past year as it sees to maintain standard compliance practices in the industry. In 2019, MPS Marketplace was suspended by CySEC, previously known as SpotOption Exchange Limited. The watchdog accused the company of bad treatment of its customers’ funds.

FXVC Also Fined €100,000 For Possible Violations

Cyprus-based brokers are required to have insights into the financial situation of clients to stay compliant. These include the client’s objectives, experience, and investment knowledge. Since FXBFI is under CySEC’s jurisdiction, it has to maintain all the compliant requirements applicable to brokers in the country.

The watchdog also recently withdrew the license CIF license of Sharelink Securities & Financial Services. The CIF license of the firm was withdrawn after the company voluntarily relinquished its license.

Additionally, CySEC withdrew the CIF license of Interactive Limited (FXVC) after the company renounced its license and stopped its operations earlier in February this year.

But in May, the regulator slammed a €100,000 fine on FXVC for possible regulatory violations. CySEC also stated that the company has irregularities and lapses in its “organizational requirements.”