The Cyprus Securities and Exchange Commission (CySEC) has
withdrawn the investment firm license of Viverno Markets Ltd, the B2B unit of
BDSwiss. The regulator made the decision after determining that the company had
not provided investment services or conducted any activity for six months prior
to its license suspension.
Viverno Markets Must Inform Clients of Closure
As a result of the license withdrawal, Viverno Markets must
take several actions to close its operations in line with regulatory
requirements. The company is required to publish an announcement on all its
websites informing the public of the license withdrawal. This announcement must
also outline the steps clients need to follow to complete any outstanding
transactions, retrieve their funds and financial instruments, and submit any
complaints.
In addition, Viverno Markets must inform each of its clients
directly using the same communication channels it previously used. The company
is obligated to return all funds and financial instruments belonging to
clients, including any profits that may be due.
CySEC Suspends Viverno Markets’ Operations
The firm must address and resolve all client complaints
submitted to it. It is prohibited from offering any further investment or
ancillary services and must maintain operational offices to handle the required
procedures during the winding-down process.
In October last year, CySEC
fully suspended the license of Viverno Markets. The company provided
liquidity and technology solutions to other CFD brokers. CySEC has raised
concerns that Viverno Markets may have violated regulations requiring at least
two individuals to effectively manage the company’s operations under its CIF
license.
You may find it interesting at FinanceMagnates.com:
BDSwiss Secures Key UAE License to Expand Services in MENA.
BDSwiss Faces Departures
Recently, BDSwiss
experienced the departure of at least ten employees, including top
executives such as the Chief Marketing Officer, Chief Sales Officer, and Global
Head of Sales. The company also faced concerns from traders about withdrawal
issues.
BDSwiss confirmed it is restructuring its operations and
discontinuing services in certain regions, though it did not specify which.
This shift followed the acquisition of a license from the UAE’s Securities and
Commodities Authority.
This article was written by Tareq Sikder at www.financemagnates.com.
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