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Abstract：The Cyprus Securities and Exchange Commission (CySEC) announced that it has finally withdrawn the Cyprus Investment Firm (CIF) License with number 145/11 of Dualix operator Maxigrid Limited, effective from 24 February 2022.
Withdrawal of Maxigrids CIF License
The Cypriot watchdog reached the decision due to Maxigrid‘s violations of the investment laws. The market regulator provided specific details for the regulatory action, concluding that the forex retail brokerage firm has failed to comply with “The Investment Services and Activities and Regulated Markets Law”, the CySEC’s law. Maxigrid violated its licensing conditions and no longer met the conditions under which its authorisation was granted.
Suspension of Maxigrids CIF License
This is not a surprise, as Maxigrid, which operates the retail FX brand Dualix, has already been suspended its license back in October 2021 as suspicions of violations of the CySEC‘s law. The watchdog concluded that the violations cause concerns and risk relating to the protection of the Company’s clients and/or constitute a threat to the orderly operation and integrity of the market.
After thorough investigations, CySEC has completely withdrawn the companys CIF license. As a result, Maxigrid is not permitted to:
· provide or carry out investment services or activities;
· enter into any business transaction with any person and accept any new client.
· advertise itself as a provider of investment services.
When accessing the domains officially approved by CySEC, www.dualix.com and www.maxigrid.com, there were apparently no trading permitted in Cyprus on both websites.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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