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Abstract：Cyprus Securities and Exchange Commission (CySEC) recently imposed fines on Titanedge Securities Ltd while withdrawing the Cyprus Investment Firm (CIF) License of SAZKA Delta AIF Variable Capital Investment Company Ltd, marking significant regulatory actions in the financial realm.
The Cyprus Securities and Exchange Commission (CySEC) recently declared a penalty of €90,000 on Titanedge Securities Ltd due to deficiencies in meeting their regulatory obligations.
According to CySEC, Titanedge Securities didn't implement adequate measures to monitor the information it provided to clients. Operating various trading brands, including www.tradeeu.com and www.titan-edge.com, the company breached several Cypriot regulations between October 2022 and July 2023.
The investigation particularly examined the firm's compliance with articles 25(1) and 25(3) of the Law, detailed in article 44 of the Commission Delegated Regulation (EU) 2017/565, focusing on general principles and client information standards.
As part of the settlement, Titanedge Securities consented to pay the €90,000 fine, which has already been settled. Notably, CySEC clarified that such settlement funds go to the Republic's Treasury and do not count as revenue for the regulatory body.
In a separate development, CySEC confirmed the complete withdrawal of the Cyprus Investment Firm (CIF) License of SAZKA Delta AIF Variable Capital Investment Company Ltd. The Sazka Group previously held a 33% stake in the Greek lottery company OPAP through the EMMA Delta investment fund.
Established in 1958, OPAP stands as a prominent gaming entity in Greece and the global gaming industry. Initially the national lottery, it has been listed on the Athens Exchange since 2001. OPAP holds the exclusive license in Greece for various numerical lotteries, sports betting, horse racing, and operates passive lotteries and instant scratch games through a joint venture.
With CySEC's stricter licensing and operational guidelines becoming more evident, specific rules and operations come into sharper focus.
One pivotal change involves the obligation for every service provider dealing with crypto assets to register with CySEC. Failure to comply may result in substantial penalties, reaching up to €350,000 ($370,000), and custodial sentences of up to five years, or a combination of both.
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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