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Inveza Capital Ltd "Expressly Renounces" CySEC License

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Inveza Capital Ltd "Expressly Renounces" CySEC License

<p>The Cyprus
Securities and Exchange Commission (<a href="https://www.financemagnates.com/terms/c/cysec/" class="terms__main-term" id="37d97d82-59f8-4ce2-94d2-21c5bdc82663" target="_blank">CySEC</a>) has withdrawn the operating license
of Inveza Capital Ltd as the company decided to "expressly renounce it."
Though announced on Tuesday, the regulatory board finalized the decision more
than two months ago, on 5 December 2022.</p><p>CySEC Cancels Inveza
Capital Trading Authorization</p><p>According
to the register of companies operating under CySEC authorization, Inveza
Capital obtained its license (number 209/13) in August 2013. Under the license, it
provided investment services through the internet address inveza.com. </p><p>"The
Cyprus Securities and Exchange Commission announces that, on its meeting of 5th December 2022, has decided, pursuant to section 8(1)(a) of the Investment
Services and Activities and Regulated Markets Law of 2017 and section 4(7) of
Directive DI87-05, to withdraw the Cyprus Investment Firm authorisation with
Number 209/13 of Inveza Capital Ltd (LEI 21380072YOYRXZ8TKE88) ('the Company'),
due to the company's decision to expressly renounce it," CySEC wrote.</p><p>In the
past, the company went under the names NFX Capital Cy Ltd and Vinst Capital
Limited. Its operations offered investors mainly trading in stocks, bonds, ETFs
and early access to IPOs of popular companies.</p><p>Visiting
the Invez website, we see information that the company has suspended all its
operations as of 30 September 2022:</p><p>"Please
note that as of 30 September 2022 Inveza Capital Ltd (ex NFX Capital CY Ltd)
will cease all activities and, therefore, existing clients trading or have open
balances with Inveza will be required to close their account and withdraw their
remaining balance," the statement on the company's website reads.</p><p>Watch the recent iFX EXPO International 2022 Opening Keynote by CySEC Chairman.</p><p>Wave of Renunciations in
CySEC?</p><p>The Cypriot
regulator, on 5 December, decided to suspend the license of another authorized
entity, <a href="https://www.financemagnates.com/forex/brokers/cysec-withdraws-license-of-fxcfds-brokerage-operator-f1markets/" target="_blank" rel="follow">F1Markets Ltd</a>, which also surrendered its authorization with immediate
effect. Interestingly, the decision to cancel F1Markets' and Inveza's licenses
were undertaken on the same day. However, CySEC informed about their current
status in a separate announcement with a one-week gap between each. </p><p>F1Markets
was the operator of several different FX and CFD brands, including Investous.
It had four internet domains registered with the Cypriot regulator. According
to the broker's website, it suspended its operations in May last year.</p><p>Although CySEC
licensed F1Markets, its activities were not without controversy. The UK FCA
found that the entity had promoted its services in the UK using fake celebrity
endorsements. As a result, <a href="https://www.financemagnates.com/forex/brokers/cysec-returns-cif-licenses-to-f1-markets-magnum-fx/" target="_blank" rel="follow">Cyprus suspended the company's license for a month</a>.</p><p>Then, in
August last year, the company <a href="https://www.financemagnates.com/forex/regulation/cysec-settles-with-f1-markets-and-magnum-fx-cyprus-paid-150k-each/" target="_blank" rel="follow">agreed to pay €150,000 </a>for several potential
breaches of the licensing regulations. </p><p>In early
February, CySEC additionally <a href="https://www.financemagnates.com/forex/cysec-withdraws-license-of-tradocenter-and-toro-invest-operator/" target="_blank" rel="follow">announced the cancellation of the TradoCenter and
Toro Invest licenses</a>, trading brands operated by FF Simple and Smart Trades
Investment Services Ltd.</p><p>CySEC Warns against Clones
and Unlicensed Brokers</p><p>CySEC has warned
retail investors twice in recent weeks about unlicensed trading firms.
February's warning concerned the activity of an <a href="https://www.financemagnates.com/forex/cysec-warns-against-licensed-broker-clone/" target="_blank" rel="follow">unregulated cryptocurrency
company, IMS Crypto</a>. According to the Cypriot regulator, the entity falsely
claims to possess a CySEC trading license, using the details of the authorized
company.</p><p>An earlier
warning was published at the end of January concerning <a href="https://www.financemagnates.com/forex/cysec-warns-against-5-unregulated-fxcfds-platforms/" target="_blank" rel="follow">five unregulated FX
and CFD trading platforms</a>. The illegal platforms were metexo.com,
inforexeu.com, et-fx.com, nbimarkets.com and emporiumcapital.ltd. Currently,
only the inforexeu.com website has not been responding, while the others continue to
encourage investment.</p>

This article was written by Damian Chmiel at www.financemagnates.com.

Source: Inveza Capital Ltd "Expressly Renounces" CySEC License
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