IC Markets (EU) Ltd strongly opposes the Cyprus Securities and Exchange Commission's (CySEC) decision to impose a €200,000 fine for alleged regulatory violations.
Announced on July 19, 2024, IC Markets (EU) Ltd contends that this decision is based on a fundamental misunderstanding of the facts and regulatory framework. The decision relies heavily on the testimony of a former employee terminated for misconduct. IC Markets (EU) Ltd argues that this testimony is biased and motivated by retaliation, yet CySEC appears to have given it undue weight without sufficient corroboration.
IC Markets (EU) Ltd disputes CySEC’s claim of attempting to circumvent regulatory requirements, insisting that it has rigorous compliance measures in place. The company’s records, including those audited by external auditors, support this position. IC Markets (EU) Ltd criticizes CySEC’s investigative methodology as lacking transparency and disregarding the company’s documented compliance efforts. The company argues that such a selective approach undermines fair regulatory practices and could deter other firms from engaging openly with regulatory bodies.
CySEC’s decision, based on questionable testimony from a disgruntled ex-employee, ignores substantial audited evidence provided by IC Markets (EU) Ltd. This case raises serious concerns about whether regulators like CySEC are imposing fines without sufficient proof.
IC Markets (EU) Ltd is committed to challenging CySEC’s decision through legal channels, confident that a thorough review of all evidence will support their position.