CySEC Announces €120,000 Settlement with CIF General Capital Brokers (GCB) Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced that it has reached a settlement agreement with the Cyprus Investment Firm (CIF) General Capital Brokers (GCB) Ltd.

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According to the Cypriot watchdog, the broker has possibly violated the Investment Services and Activities and Regulated Markets Law of 2017 regarding the requirements for CIF authorization and general principles and information to clients. In addition, the broker does not comply at all times with the condition for the granting of an operating license.

The settlement reached with the company, for the possible violations, is for the amount of €120,000, which the company has already paid.

CySEC has become extremely vigilant and is actively flagging and taking action against any violations. Earlier, the commission has reached a settlement agreement with Crowd Tech Ltd, holding a Cyprus Investment Firm (CIF) license.