CySEC Imposes €50,000 Fine on XGlobal Markets for Customer Identification Violations

The Cyprus Securities and Exchange Commission(CySEC) recently announced that it has reached a settlement agreement with X Global Markets Ltd(formerly known as FXRidge Ltd), holding a Cyprus Investment Firm (CIF) license. The company has paid the amount of €50,000 to CySEC for possible regulatory violations.

According to the Cypriot watchdog, the company has possibly breached the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007.

Specifically, the investigation conducted by the financial regulator between April 2016 to July 2017 involved assessing X Global's compliance with article 58(a) of the Law regarding the application of adequate and appropriate procedures in relation to customer identification and customer due diligence.

Founded in 2012, X Global operates two main websites, xglobalmarkets.com and xglobalinvest.com. In addition, the company also operates XGLOBAL FX Ltd, regulated by VFSC (Vanuatu Financial Services Commission).