The Cyprus Securities and Exchange Commission has withdrawn the Cyprus Investment Company License of Conotoxia Ltd, ending the company’s regulated investment services activities in Cyprus.
Conotoxia Ltd operates as the investment services arm of the Conotoxia Group. The company previously Offered trading in CFDs across multiple asset classesincluding forex, stocks, indices, commodities, ETFs and futures
Cryptocurrencies.
CySEC withdraws Conotoxia’s license
CySEC said the decision was made at a meeting held in December last year. According to the regulator, the withdrawal came after the company failed to comply with ongoing licensing requirements under Cyprus’ investment services legislation.
The regulator said the deficiencies related to several areas, including “the suitability of one of its directors”, the requirement to maintain “at least two persons effectively directing its business activities”, the suitability of shareholders, and the company’s organizational arrangements.
as a result of, CySEC
It concluded that the company “no longer meets the conditions under which its license was granted.”
CySEC orders closure of investigation into complaints
This decision follows previous enforcement actions against Conotoxia Ltd. The regulatory body has indicated this The company’s license has been suspended since July last year According to a separate decision published on the same day.
Following the withdrawal of the license, CySEC instructed the Company to immediately remove all references to the provision of investment services, as well as references to CySEC licensing and oversight, from its websites and other materials.
It also ordered the company to investigate and resolve all customer complaints submitted to it. In addition, Conotoxia must ensure that it does not provide investment or additional services after withdrawing its license.
Recent developments in
Poland, which includes Cinkciarz.pl and its related entities, has added a broader regulatory context About parts of the broader Conotoxia group structure. Polish prosecutors have expanded fraud charges against the group’s CEO and are continuing their investigations into alleged customer losses and frozen accounts.
This article was written by Tariq Sikdar at www.financemagnates.com.
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