CySec fines Banc de Binary Ltd
The Cyprus Securities and Exchange Commission (‘CySEC’) has notified the public that has imposed an administrative fine of €125.000 to Banc de Binary Ltd for the infringement of the Law which provides for the provision of Investment services, the exercise of Investment activities, the operation of regulated markets and other related matters.
More specifically for violations of the following articles of the above Law:
- For violation of Article 28 (1) Continuous CIF obligations: €25,000
- For violation of Article 76 (2) Establishment of a CIF branch in another member state or and a third country: €25,000
- For violation of Article 79 (2) Freedom to provide investment and ancillary services or and perform investment activities by a CIF in another member state or and a third country: €25,000
- For violation of Article 139 (2) General obligations: €50,000
Source: CySec
