CySEC Announces Withdrawal of Coverdeal Holdings Ltd’s ICF Membership

The Cyprus Securities and Exchange Commission (CySEC) announced on July 6 that the Investors Compensation Fund (ICF) has withdrawn the membership of the member Coverdeal Holdings Ltd, which is a Cypriot brokerage operator, pursuant to paragraph 6 of Directive DI87-07 for the Operation of the Investors Compensation Fund ( Directive).

According to the official press release, it is worth noting that in accordance with paragraph 6(3) of the Directive, 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.

The withdrawal of the ICF membership was carried out after CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of the company Coverdeal Holdings Ltd.

Previously in February, Fazzaco reported that Coverdeal Holdings Ltd voluntarily renounced the authorisation of CySEC​.