CySEC Revokes CIF License of Stone Edge Capital Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced today the withdwawl of the Cyprus Investment Firm authorisation of Stone Edge Capital Ltd, with number 311/16.

The Cyprios regulator explained that it took this action due to Stone Edge Capital Ltd's non-compliance with the licensing condition set out in section 17(6) of the Investment Services and Activities and Regulated Markets Law of 2017; its failure to apply adequate and appropriate systems and procedures in relation to the thorough examination of any transaction which is considered by its nature to be particularly susceptible to be linked to money laundering or terrorist financing offences and in particular complex or unusually large transactions and all unusual types of transactions carried out without an apparent economic or clear legal justification.

Furtehr, the entity did not apply adequate and appropriate systems and procedures regarding the internal reporting and reporting to MOΚAS.

As a result, Stone Edge Capital Ltd is required to return all funds and financial instruments belonging/attributable to its clients, including any profits; examine and resolve all clients' complaints submitted to it; ensure it does not provide investment and ancillary services.

Previously, CySEC has cancled the Investment Investors Compensation Fund (ICF) membership of two members​, RMG Holdings Ltd, and Trilt Ltd.