Category: Brokers

The Cyprus Securities and Exchange Commission (CySEC) has announced that it has reached a settlement with Colmex Pro Ltd, a Cyprus investment firm. The settlement reached with the Company, for the possible violations, is for the amount of €50.000. The Company has paid the amount of €50.000. It is noted that the amounts payable from settlement agreements are calculated as revenue (income) to the Treasury of the Republic and not as an income for CySEC.

The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. You can read the detailed article about the Cyprus Securities and Exchange Commission here.

According to the official notice, a settlement has been reached with the Cyprus Investment Firm ColmexPro Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007, and of the Directives issued thereof.

More specifically, the investigation, for which the settlement was reached, involved assessing the company’s compliance with the articles, according to which a Cyprus Investment Firm (CIF) must, at all times, comply with the conditions under which authorisation was granted, and relating to conduct of business obligations when providing investment and ancillary services to clients.

Colmex Pro operates on global currency markets since 2009. During seven years of operation, Colmex Pro trading has grown to a major global provider of online CFDs, Shares, Forex, Commodities and Indices trading. And with reliable CySEC regulation, low fees, and round-o-clock multilingual client support the broker has settled itself among the leaders in the industry.

English Premier League football club Arsenal has announced its partnership with financial technology company Global Kapital Group.

Established in 2010, Global Kapital Group has taken just nine years to grow into a global financial company with a workforce of over 1,000 people.

A constant desire to push the boundaries in fintech innovation has helped the company to build success and expand its branches in 18 countries. 

This partnership will see Global Kapital Group engage first-team players in promotional activities to help support their continued growth, whilst also delivering unique rewards and experiences to their clients around the world.

Arsenal commercial director Peter Silverstone has commented on the news: “Innovation is at the heart of everything we do, so it is extremely exciting to partner with a company that shares this value,” 

He also added that in the same way that they constantly innovate to remain at the forefront of our industry, Global Kapital Group have pushed the boundaries in fintech to provide the best service possible to its customers.

Mr. Tunc Akyurt, group CEO of Global Kapital Group, added: “We are extremely proud to have a strong partnership with one of the Premier League’s best football clubs and look forward to building a strong and sustainable relationship with Arsenal and its millions of supporters all around the world.” 

Both companies have the same basis and the same goal that represents inspiring leadership and success. They are excited to work together to reach new achievements and establish unique experiences for the clients and supporters around the world.

Valencia CF has reached an agreement with Libertex, a multinational financial scout in the trading sector and considered as the Best Trading Application of 2018, by which the financial company becomes the new Premium Plus Partner of Valencia CF until June 30, 2021.

The Libertex logo will now be visible on the back of both the game and training kits, as well as be present on advertising in the Mestalla stadium, the training grounds of Paterna, institutional events and in the digital media of the club.

This way, Valencia CF becomes the best ally for Libertex in its objective of increasing its notoriety, both in Spain and internationally, with a special emphasis on the Latin American and Southeast Asian markets, in order to achieve an impact that reaches hundreds of millions of people when competing in the most prestigious competitions.

With this agreement, Libertex customers and Valencia CF fans will be able to benefit from promotions, exclusive offers, participate in meetings with players and many more opportunities to have a unique experience, both in their activity with Libertex and with Valencia CF.

Michael Geiger, CEO of Libertex, acknowledges that “Valencia CF is a top-level club internationally, with a long and successful history, with whom we share a common feeling in terms of emotions, passion and success stories. Valencia CF is the perfect partner to deliver our brand, our message and our services to potential customers to continue growing in the market. We believe it will be a great and ambitious season for both of us and we will support each other.”

Libertex is considered one of the best web and mobile platforms to make secure purchases of various financial assets (stocks, currencies, indices and commodities). It offers its users an intuitive, simple and clear platform for both experts and beginners in the trading sector, providing training and creating didactic actions aimed at fans. You can read our full Libertex review here. 

The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in federal court in Florida against Sarasota area defendants Oasis International Group, Limited (OIG), and Oasis Management, LLC (OM). The defendants are charged with operating a $75 million foreign currency (“forex”) trading scheme involving over 700 U.S. participants and over $47 million misappropriated in order to return funds to certain participants.

Starting in 2011, according to the Complaint, the defendants fraudulently solicited and misappropriated money from over 700 U.S. residents for pooled investments in retail forex.  Between mid-April 2014 and the present, the defendants received approximately $75 million from pool participants for investment in two commodity pools—Oasis Global FX, Limited and Oasis Global FX, SA (collectively, the “Oasis Pools”)—that would purportedly trade in forex.  

On April 15, 2019, the Honorable Virginia Covington, U.S. District Court Judge for the Middle District of Florida, entered a restraining order freezing the assets of the defendants and the relief defendants and permitting the CFTC to inspect all relevant records of the defendants and the relief defendants.  The Court also appointed Burton W. Wiand as a temporary receiver to take control of the corporate defendants and relief defendants, as well as the assets of the individual defendants.

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Foreign Currency Trading (Forex) Fraud Advisory, which alerts customers to forex fraud and lists simple ways to spot forex scams.

The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and options markets.

ASIC has banned Mr. Jeffrey Worboys and Mr. Matthew Barnett from providing financial services for six years following an ASIC investigation.

Mr. Worboys and Mr. Barnett were, until February 2018, joint chief executive officers of Australian Mutual Holdings Limited. This company is an Australian financial services licence holder and a responsible entity which operates a number of managed investment schemes, including previously managing the Courtenay House Capital Investment Fund. Mr. Worboys remains as the sole chief executive officer of Australian Mutual.

ASIC found that when establishing the Courtenay House Capital Investment Fund, Mr. Worboys and Mr. Barnett did not exercise the degree of care and diligence required and failed to act in the best interest of the members of the fund. This included a failure to ensure that the persons responsible for trading funds had the requisite qualifications and experience to manage a foreign exchange and derivatives fund.

According to the official notice, the regulator states the reasons why Mr. Jeffrey Worboys and Mr. Matthew Barnett were banned: they had not maintained the high standards expected of a financial services adviser; demonstrated a lack of integrity, judgment and professionalism;  could not be relied upon to discharge the duties and obligations imposed on a provider of financial services; and were not competent to provide a financial service, and were likely to contravene a financial services law.

The former CEOs of Australian Mutual are also linked with Halifax Investment Services Pty Ltd. According to LinkedIn, Jeffrey Worboys is the current CEO of Halifax Group, and Matthew Barnett is a director. In January, ASIC has suspended the Australian financial services (AFS) license held by Halifax Investment Services Pty Ltd (Halifax).