CySEC Fines Tradernet €80,000 for Violation of Market Laws

The Securities and Exchange Commission (CySEC) has fined Tradernet Ltd €80,000 for possible violation of its supervised legislation provisions.

03 August, 2020 | AtoZ Markets – Tradernet Ltd is a CIF license holder firm with registration number HE 307126 and license number 219/13 since May 30, 2012. It offers trading services for options, futures, swaps, forwards and other derivative contracts. It provides trading services in Russia, Ukraine and Kazakhstan.

CySEC Imposes €80,000 Fine on Tradernet 

Cyprus regulator CySEC has decided to impose a fine of EUR 80,000 on Tradernet Ltd. The regulator charged the broker for not complying with the law on Investment Services and Activities and Regulated Markets law, regarding management body's Requirements and the organisational requirements. The regulator said the broker also provided inaccurate information. But the broker had already paid this fine in full. The regulator said:

"A settlement has reached with the CIF Tradernet Ltd ("the Company") for possible violations of The Investment Services and Activities and Regulated Markets Law of 2017 ("the Law"). More specifically, the onsite inspection taking place in March 2019 for which the settlement was reached, involved assessing the company's compliance with Article 22(1) and Article 93 of the Law."

CySEC has stepped up to provide a better financial environment for companies operating under its jurisdiction. Last month, Cyprus regulators permanently suspended UGL Exchange's CIF license. However, in April, regulators temporarily suspended its CIF license. The regulator said it didn't satisfy with the company's compliance regarding protecting customers' money. It concluded that the company does not meet the terms of its business license.

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