NAGA Markets Europe Ltd Pays €150K to Settle with CySEC for Multiple Violations

The Cyprus Securities and Exchange Commission (CySEC) announced last Friday (December 29, 2023) that NAGA MARKETS EUROPE LTD (hereinafter referred to as "NAGA"), a part of German fintech giant NAGA Group, has paid €150.000 to settle with CySEC for its various regulatory violations between January 2021 and April 2022.

NAGA is a Cyprus-licensed company and a part of German fintech giant NAGA Group.

According to the announcement, CySEC found potential breaches concerning NAGA's authorization criteria, organizational obligations, information disclosure to clients, the assessment of suitability and appropriateness and reporting to clients, best execution of client orders, and adherence to product intervention regulations, violating The Investment Services and Activities and Regulated Markets Law of 2017.

The regulator noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute income of CySEC.

Last month, NAGA Group's strategic merger with CAPEX.com, a leading online trading platform, by way of a non-cash capital increase, attracted industry attention. This deal is expected to close in Q2 2024. Fazzaco has discussed in depth the matter in the article "Why Is the Capex.com and NAGA Merger A Game-Changer?​"