CySEC Revokes ICF Membership of Four Investment Firms

The Cyprus Securities and Exchange Commission (CySEC) announced on Thursday the withdrawal of the Investment Investors Compensation Fund (ICF) membership of four members, pursuant to paragraph 6 of CySEC's Directive DI87-07 for the Operation of the Investors Compensation Fund.

Below are the four members:

1. Stone Edge Capital Ltd (LEI 213800PZFB9VV8FNWB30),

2. Holiway Investments Ltd (LEI 549300UOLC26RW3KDJ09),

3. FXBFI Broker Financial Invest Ltd (LEI 21380042CEXI1HE2DK66) and

4. KAB Strategy Ltd (LEI 549300GQQTXQWZLYWH30).

The Cypriot financial watchdog notes that the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.

This latest move comes after CySEC's cancellation of the ICF membership of RMG Holdings Ltd and Trilt Ltd​.

Late last month, CySEC has fined NAGA MARKETS EUROPE LTD​, part of German fintech giant NAGA Group, €150,000 for its various regulatory violations between January 2021 and April 2022.