Another penalty for the Novox Group from CySEC

Cypriot financial supervision has imposed a EUR 5 fine on the binary options broker Novox Capital Ltd. The amount of the fine may appear relatively small. It is worth recalling, however, that last month the same company was also fined by the regulator. On February 000, we informed you (link to the article) to impose fines of 175 000 EUR on the Novox group. So what happened that only 4 weeks later CySEC again decided to take such a step?

The Novox Group, which holds a CIF license issued by Cypriot supervision, owns several Forex brands and binary options, such as OptionBit (optionbit.eu), ZoomTrader Global (zoomtraderglobal.com), RoyalPip (royalpip.com) and NGN Broker (ngnbroker.com). The previous punishment concerned many different offenses, including:

• conducting investment advice without permission,
• violations of internal control and publication of advertising materials,
• misleading customers
• reservations to customer service and call center departments.

Meanwhile, the newly imposed penalty concerns the failure to notify CySEC of the change of the brand name to "ZoomtraderGlobal" with immediate effect, although such an obligation is included in the license terms.

There is a good chance that with such a frivolous approach to the company's responsibilities, the Novox Group can soon finish its entire career in the industry. In the last two years CySEC has decided to withdraw completely or at least temporarily suspend the license of Forex brokers and binary options.

The official announcement (PDF)