The Cyprus Securities and Exchange Commission has reached a settlement with FXNET Limited amounting to €225,000. The announcement was made today (Tuesday).

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FXNET operates the brokerage brand EMS Brokers. The company agreed to the settlement following a review under the Investment Services and Activities and Regulated Markets Law.

CySEC Confirms FXNET Settlement Completion

CySEC said the Board took the decision in March this year after examining the company’s operations. The settlement resolves possible breaches identified during the review period. FXNET will pay the amount as part of the settlement. CySEC confirmed that no judicial review has been filed in relation to the case.

Finance Magnates contacted the firm for comment. No response had been received at the time of writing.

FXNET Previously Fined by CySEC

This is not the first time FXNET has faced regulatory action. In 2019, CySEC announced a settlement with the firm, imposing a €60,000 fine for breaches of the Investment Services and Activities and Regulated Markets Law.

FXNET, a Cyprus Investment Firm regulated by CySEC since 2013, is required to comply with local regulations to maintain its trading license, which allows it to provide services across Europe.

This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More

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