27 November, 2015 | AtoZ Forex — Alongside the settlement of $335,00 between CySEC and IronFX Global, the Cypriot regulator has announced the issuance of fines on four more leading CIFs in the Forex as well as Binary Option industry. As CySEC fines 4 more brokers, the altogether sum totals €1.3 million for the five cases.
Depaho
Having already covered the case of IronFX in a separate article, the second announced settlement by CySEC is imposed on Depaho Ltd, for breaching ten various counts, summing it to a total fine of €233,000. Depaho Ltd holds the CIF license number 161/11 and operates through the following two forex brand names: GTCM and FXGM.
Pegase Capital
The third fine, imposed by CySEC is on Pegase Capital Ltd. The CIF violated eleven counts of the legislation, hence the administrative fine of Pegase Capital Ltd is set at €300,000. The CIF holds a wide portfolio of brands, having the brands HelloBrokers and Interactive Option in the Binary Options branch, while operating through MTX Plus Forex services.
WGM Services
The next CIF that received a fine is WGM Services Ltd, the financial services company got fined for a total of €340,000, for the infringement of 16 separate counts. The main brand under WGM Services Ltd is EZTrader, a trading platform that provides a range of products, from Binary Options to currencies. Other brands in their portfolio are EZInvest and Global Option.
Reliantco Investments
The fifth and final CIF to receive a fine is Reliantco Investments Ltd, the investment firm did not comply on 6 counts according to CySEC. Therefore, the broker has received a fine of totalling €123.000. The online broker operates through the brand name and website of UFXMarkets.
For more detailed information on each of the cases, please visit CySEC directly for all of the five public announcements. Last but not least, stay tuned with AtoZForex for the latest updates of the regulator.