CySEC has suspended Prior Capital Cy Ltd license

March 22, 2020 at 07:47 PM
Regulator CySEC

The Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm Prior Capital Cy Ltd, number 221/13, is suspended in whole. Prior Capital Cy Ltd operates the brands PriorFX and Prior Capital. The main reason for the license withdrawal was the regulator’s suspicions of alleged rules violations and the company’s possible non-compliance at all times with the authorisation conditions.

The above decision was reached as the aforementioned alleged violation causes concern and risk relating to the protection of the Prior Capital Cy Ltd clients and/or constitutes a threat to the orderly operation and integrity of the market.

The regulator ordered Prior Capital Cy Ltd to take actions in order to comply with the aforementioned provisions. The company has twenty days to do that. 

Prior Capital Cy Ltd suspension terms

During the suspension period Prior Capital Cy Ltd is not allowed to provide/carry out investment services/activities as well as enter into any business transaction with any person and accept any new client. It is also forbidden to advertise itself as a provider of investment services. 

However, the company is still allowed to proceed with some of the actions that are mostly regarding its clients. Prior Capital Cy Ltd can still complete all its own transactions and those of its clients which are before it, in accordance with client instructions. It also obliged, if needed, to return all funds and financial instruments which are attributable to its
clients. You may check our list of the CySEC-Regulated Brokers.

8 responses to “CySEC has suspended Prior Capital Cy Ltd license”

  1. Good evening,
    since April 1 I have a withdrwal order of € 104000 pending for my account at Prior Capital. Even after some eMail requests there is no reaction from the company. What should I do?

    Kind regards,

    Walter Schmid
    Muri, Switherland

    • Hello Walter,

      I hope you are well. I face the same issue with Prior Capital!

      I do not know what to do! Contact me on Linkedin: Dimitrios Kostalas

      Best Regards
      Dimitrios

      • Hi, any news about how to solve it?
        As i know its management has left cyprus…
        Pay attention because when you leave a feedback or you write on a forum about Prior a lot of scam recovery systems will contact you..
        Peter

        • Hello Peter,

          Unfortunately i do not have any idea how to solve it!!

          What i am going to do personally is to complete the Financial Ombudsman forms. I emailed the CEO but no reply back.

          The strange thing on this is that there are no any updates from Cysec!!!

          Please contact me on Linkedin.

          Best Regards
          Dimitrios

  2. Hi, i do not use linkedin. Can i contact you on skype? I see 3 profiles.
    Unfourtunately before doing a complaint through the Financial Ombundesman we have to wait 2-3 months after the complaint sent to prior as i read…in addition to this i’m elective professional and i’m not covered from the investor compensation fund! I only hope that funds are really segregated (………………..) as i read on their website..But i’ve spoken with some persons that work in Cyprus in the forex industry…nobody told me good news.
    Best regards

Leave a Reply

Your email address will not be published. Required fields are marked *

* code