The Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it decided to withdraw the license from Belight Capital Group Ltd. According to the note, the watchdog was not satisfied with the firm\u2019s compliance with Article 22(1) of the CySEC\u2019s law.<\/p>\n
The Cypriot financial authority issued the following statement: \u201cThe Cyprus Securities and Exchange Commission (\u2018CySEC\u2019), following the decision published on 08 April 2020, announces that, on its meeting of 1 st March 2021, decided to withdraw the Cyprus Investment Firm authorization of Belight Capital Group Ltd (\u2018the Company\u2019), with number 364\/18, pursuant to article 9(3)(b) of the DI87-05 Directive on Revocation and Suspension of an Operating License (\u2018the DI87-05\u2019) and articles 8(1)(a), 8(1)(c) and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017 (\u2018the Law\u2019).\u201d<\/p>\n
Furthermore, the CySEC argued that Belight Capital Group Ltd performed investment activities for the six months preceding the decision for the suspension of its license. That said, the company is now required to publish a note on all its websites, an announcement highlighting the CySEC decision on withdrawing their license. Also, the watchdog asked the firm to return all the funds and financial instruments belonging to its clients, \u2018including any profits.\u2019<\/p>\n
\u201cEnsure it does not provide investment and ancillary services, other than those that are necessary for the completion of the pending transactions on behalf of the Company and its clients, as per their instructions,\u201d the CySEC added.<\/p>\n
Last year, the Cypriot financial watchdog decided to suspend in whole the Cyprus Investment Firm (CIF) license of Belight Capital Group Ltd.<\/p>\n