Owner, among others TopForex brand fined 170 000 EUR

Cypriot supervision regulating the local financial market informed 2 May 2019 about imposing a fine on the entity Goldenburg Group Ltd., which includes 10 brands related to the Forex industry, CFD instruments and binary options.

Violations of regulatory provisions

CySEC in the published communication precisely indicates the points of the directives that the company did not follow. For a number of frauds with up to 6 articles under which the Cypriot licensee is subject, a capital penalty has been imposed on the total amount of 170 thous. euro:

• Α. 30 000 EUR for violation of art. 28 sec. 1 L.144 (Ι) / 2007, because the Company did not comply with the authorization and operating conditions specified in section 18 (2) at all times (d) L.144 (Ι) / 2007.
• Β. 50 000 EUR for violation of art. 28 sec. 1 L.144 (Ι) / 2007, as the Company did not comply with the authorization and operating conditions specified in section 18 (2) at all times (g) L.144 (Ι) / 2007.
• C. 40 000 EUR for violation of art. 36 sec. 1 L.144 (Ι) / 2007.
• D. 40 000 EUR for violation of art. 36 sec. 1 lit. a) L.144 (Ι) / 2007 and para. 6 (2)
• E. 5 000 EUR for violation of art. 40 sec. 2 L.144 (Ι) / 2007.
• F. 5 000 EUR for violation of section 76 (5) L.144 (Ι) / 2007.

Goldenburg Group Ltd. has a Cypriot CIF license issued in the 2014 year and this is his first reprimand received by CySEC.

The capital group includes such brands as:

• www.goldenburggroup.eu;
• www.topforex.com;
• www.toptrader.eu;
• www.fxglobal.com;
• www.tradecentrum.com;
• www.etrader.eu;
• www.topbinary.com;
• www.xpartners.com;
• www.cfdworld.com;

The official CySEC message