The Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it has decided to withdraw the license from Belight Capital Group Ltd. According to the memorandum, the supervisory body was not satisfied with the company’s compliance with Section 22(1) of the CySEC Act.
The Cyprus Financial Authority issued the following statement: “The Cyprus Securities and Exchange Commission (‘CySEC’), following the decision published on 08 April 2020, announced that at its meeting held on 1 March 2021, it has decided to withdraw the Cypriot investment firm. Belight Capital Group Ltd’s license (“ Company”), No. 364/18, pursuant to Section 9(3)(b) of Directive DI87-05 Revocation and Suspension of an Operating License (“DI87-05”) and Articles 8(1)(a) and 8(1)(c). and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017 (the “Law”).
Furthermore, CySEC argued that Belight Capital Group Ltd had conducted investment activities for six months prior to the decision to suspend its license. However, the company now has to post a note on all of its websites, an announcement highlighting CySEC’s decision to withdraw its license. The supervisory authority also asked the company to return all funds and financial instruments belonging to its customers, “including any profits”.
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“Ensure that it does not provide investment services and ancillary services, other than those necessary to complete pending transactions on behalf of the Company and its clients, in accordance with their instructions,” it added.
CySEC Recent Actions
Last year, the Cyprus Financial Supervisory Authority decided to completely suspend the license of the Cyprus Investment Firm (CIF) to Belight Capital Group Ltd.
Now, on Friday, finance poles It stated that Depaho Ltd, an investment firm, is allowed until the end of the month to proceed with the necessary procedures to comply with the provisions required by the Cypriot regulator. In fact, CySEC has extended the suspension imposed on the company.