The Cyprus Securities and Exchange Commission (CySEC) has announced that the license of AFX Capital Markets Ltd has been revoked. The regulator’s decision comes after investigating the forex broker’s compliance with The Investment Services and Activities and Regulated Markets Law. According to CySEC, the company no longer meets the conditions under which the authorization was granted.
CySEC has imposed an administrative fine of EUR100,000 and a five-year ban on managing an investment company of Mrs. Manuela Mazzacco, the company’s CEO. The regulator also imposed an administrative fine of EUR50,000 and a three-year ban on holding management positions in an investment company of Mr. Andreas Lianos, the company’s executive director.