CySEC Settles with ISPASS TECHNOLOGIES for €60,000 over Possible Violations

​According the CySEC's announcement today, the Cypriot watchdog has reached a €60,000 settlement with ISPASS TECHNOLOGIES LIMITED, a company that registers as a provider of MetaTrader integration and trading plugins development.

As the CySEC's announcement states, a settlement has been reached with ISPASS TECHNOLOGIES LIMITED ("the Company") for possible violation of the Investment Services and Activities and Regulated Markets Law of 2017 ("the Law").

More specifically, the investigation for which the settlement was reached, concerns the Company's compliance, for the period of November 2021 to September 2022, with the article 5(1) of the Law, regarding the requirements for CIF authorisation.

The settlement reached with the Company, for the possible violation, is for the amount of €60.000, and the Company has already paid in full.

The settlement came after a number of regulatory activities carried out by the regulator in order to maintain high level regulations. In the most recent news​ covered by Fazzaco, CySEC ordered retail Forex and CFD broker RoboMarkets to stop offering non-monetary reward to its retail clients.