Leverate's Investors Compensation Fund Membership Canceled

The Cyprus Securities and Exchange Commission (CySEC) announced Monday (April 22, 2024) that Leverate Financial Services Ltd, a software as a service provider for Forex brokers, has lost its membership of Investors Compensation Fund (ICF).

This comes after the withdrawal of Leverate's Cyprus Investment Firm (CIF) authorisation​ by the CySEC in February.

The Cypriot financial watchdog notes that 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.

Meanwhile, the CySEC has added twelve websites that belong to an entity which provides investment services and conducts investment activities without authorization to its blacklist​.