Blackwell Global CySEC CIF license withdrawn, according to the official announcement on the website of the Cyprus Securities and Exchange Commission. What now for Blackwell Global?
2 July, AtoZ Markets – The financial regulator of Cyprus, the Cyprus Securities and Exchange Commission (CySEC) has made an announcement on its website. The watchdog states that it has decided to wholly withdraw the Cyprus Investment Firm (CIF) license of the company Blackwell Global Investments (Cyprus) Ltd.
Blackwell Global CySEC CIF License Withdrawn
Blackwell Global Investments (Cyprus) Ltd is the Cypriot branch of Nee Zealand based retail Forex brokerage Blackwell Global. The company has established its Cypriot subsidiary back in 2011. Aside from the fully-regulated branch in Cyprus, the company has not been quite active in the European markets.
Then, in 2016, Blackwell Global has opened a branch in London and obtained the UK FCA license. According to Daniela Egli, Director of Blackwell Global Cyprus, the decision to withdraw the CIF CySEC license came from the brokerage itself. She has stated:
“It has been an honour working with CySEC. We hold the Commission in high regard as it has helped us offer stringent investor protection to our clients. However, we are making this decision to focus on the development of other areas of our business.”
In addition, the Cypriot regulator did not provide any specific explanation for its decision to withdraw CIF license of Blackwell Global. The official announcement from CySEC states:
“The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on its meeting of 25th June 2018, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 (ΝI87(I)/2017), as in force (‘the Law’), to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 159/11 of the company «Blackwell Global Investments (Cyprus) Ltd».”
Blackwell Will Keep Limassol Office
The company representative has also stated that the company considers to still keep its Limassol office in Cyprus active. Reportedly, Blackwell’s employees in Limassol will be responsible for providing supporting services to the UK-FCA company.
As of the moment, Blackwell Global is owned by Taiwanese businessman Kaw-Sing Chai. Since the very beginning, Blackwell Global has been primarily focused on Retail Forex brokerage for Chinese and Far East markets. It is only recently that the company has started to concentrate on the European markets.
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