CySEC has reached a settlement with FxNet company
The Cyprus Securities and Exchange Commission (CySEC) has announced that it has reached a settlement with Cyprus Investment Firm FXNET Ltd.
The settlement reached with the company, for the possible violations of The Investment Services and Activities and Regulated Markets Law, is for the amount of €60.000. The Company has paid the amount of €60.000.
FxNet (Read FxNet review by link) is an STP forex broker, regulated by the CySEC as well as the International Financial Services Commission (IFSC).
According to the regulator's official notice, the company was not able to comply with the several sections of the law, including the one, concerning the provision of investment services referred to its operating license.
Also, FxNet has failed to comply with the Section 28 (1) of the Law, according to which the Cyprus Investment Firm Services (CIF) must comply with all conditions throughout its operation licensing, meaning organizational requirements.
One more reason the company has been penalized is the Section 36 (1) (a) of the Law, regarding professional ethics obligations when providing investment and ancillary services to clients.
The Cyprus Securities and Exchange Commission( known as CySEC), is the financial regulatory authority 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.
Hello Alina
I found my self in a trap designed to just take your money , even if you try to stop them ,The manipulation used Is monumental to put more money ,I am in shock . You become convinced your money is protected . Investors are not protected ,what is the point of cysec why are they there how can they help , from what I have just witness there is no fair factor of the consequences that Busnises like this one will suffer it’s to easy they will continue the same way . which means there clients are in danger . I have been in danger . And that means other are to for sure . I feel at this time that I will have to use my own devices to get justice .
I do hope that The Cysec can push forward to implement some sort of serious actions to stop this bad practice.
Am just learning about this cause I got involved in trading .
Thanks Alina for your kind words . Leonard
I am still waiting for a full investigation into how I was treated by nessfx /fxnet .
Just recently got my money taken . I Am In need of help .
I have sent my complaint to the cysec . Also ombudsman.
If cysec is serious about stopping crime . The should be talking to me .
What I have just experience I wish it on no one else .
(We /I need help ) please:
Dear Leonard,
Since the regulator might be receiving a lot of complaints like yours, it may take a bit of time for them to investigate the case. You can also report your local authority and maybe try and contact CySEC again later.