The Cyprus Securities and Exchange Commission (CySEC) says ForexTB, a regulated contract for difference (CFD) broker, has paid €270,000. The settlement has been reached with Forex TB Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017. The investigation for which the settlement was reached involved the company’s compliance procedures for the period of April 2020 to December 2021, following its internal auditors’ report of April 2020 and other information examined.
CySEC announced the settlement on 30 June 2022 but the decision was reached by its board on 23 May 2022. The settlement reached with ForexTB, regulated with the license number 272/15 for the possible violations, is for the amount of €270.000, which the Company has already paid. It is noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute an income stream for CySEC.
