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Broker BDSwiss Holding receives a EUR 100 fine from CySEC
Cyprus Securities and Exchange Commission (CySEC) On July 27, 2023, it published a communication informing about the imposition of a financial penalty of EUR 100 on a well-known Forex broker - BDSwiss Holding Ltd - which took place in June. Details below.
BDSwiss with a fine of EUR 100
According to the CySEC document, BDSwiss was fined financially for activities in 2021 that were supposed to circumvent the regulatory requirements set out in para. 4 sec. 1 lit. a) (initial margin) through affiliated offshore entities. The goal was to attract customers and offer them brokerage services for investing in CFD instruments without:
- requiring customers to provide initial margin security,
- providing the necessary risk warning.
BD Swiss is a Cypriot Forex broker that has been licensed by CySEC since 2013. It also acts as a payment processor for BDS Ltd., a company registered in the Seychelles under an FSA license but operating under the same brand.
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