CySEC Appoints Liquidator in Bankruptcy of SkyFX and Capital Option

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The Cyprus Securities and Exchange Commission (CySEC) announced today the appointment of a provisional liquidator for Trademarker Ltd.

Trademarker is the parent company of Forex broker SkyFX and binary options brokerage Capital Option; the websites for both brokers have been taken down.

The problems for Trademarker started in 2015, when the CySEC imposed a €20,000 fine on the company for failing to comply with numerous regulatory requirements, one of which was outsourcing part of the firm’s marketing operations to Israel.

And in February of this year, the CySEC suspended the company's Cyprus Investment Firm (CIF) license for 15 days for multiple violations of various CySEC rules. According to a Finance Magnates report, the CySEC stated that the rule violations were compromising the safety of customer assets.

Per the CySEC announcement, Mr. Andrea Andronikou from Larnaka has been appointed as the Provisional Liquidator and charged with taking “all necessary measures for the return of all the funds, which are located in bank accounts of the Company and / or located in Clients’ Accounts (CLIENT'S ACCOUNT) of the Company, and which belong to the Company's clients.”

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3 comments :

  1. Exchanges that cannot follow the rules and regulations has to shut down for good. It's good to see that the authorities are taking steps to reimburse the funds that belong to the clients. We can't afford to see another situation where traders and investors loose out due to negligence of exchanges and the concerned authority.

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  2. This is far secure version of the financial catastrophe than the other option which includes the investors and all the people, the users, completely oblivious of anything merely more complex than the worth of their accounts.
    There were too many failures during the past for us not to learn anything. It is possible today as well, but just because this fact we have such a rigorous riles and regulations.
    Me myself wouldn't like to have anything with a financial institution which security and privacy policy is a pile of trash.

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  3. I shrug when I see platitudes such as: “all necessary measures for the return of all the funds, which are located in bank accounts of the Company and / or located in Clients’ Accounts (CLIENT'S ACCOUNT) of the Company, and which belong to the Company's clients”. Very much the standard verbage from a liquidator. The question is what % of their money will the clients receive back.

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