Cyprus CYSEC’s financial regulator announced that it has decided to suspend the entire authorization of Triangleview Investments Ltd.
Triangleview has been licensed CYSEC CIF since 2020 and is exploiting the Retail FX and CFDS brand. The company runs from Limassol, led by the long -term CEO George Panagitsas.
The Triangleview had previously been fined € 50,000 by CYSEC in 2022 on issues related to the protection of capital customers.
As for its current action, the regulator said the Triangleview acted in violation:
1. Article 58 (a) of L.188 (I)/2007, as further defined in Articles 61 (1) (A), 61 (1) (B) and 61 (1) (d) of L.188 (I)/2007 and paragraphs 21 (5) and 21 (7) of the Cysec Directive on the Prevention and Support and Support and Support and Support and Support Cystection (i)/ Revenue of revenue from illegal activities and terrorism funding – RAD 157/2019 (“RAD 157/2019”),
2. Article 58 (e) of L.188 (I)/2007, as further specified in paragraphs 26 (1) and 26 (2) (B) RAD Directive 157/2019 and
3. Article 22 (1) of L.87 (i)/2017, as the Company did not comply at any time with the authorization conditions specified in Articles:
– 9 (2) (a), 9 (8), 9 (16) of L.87 (I)/2017, regarding his Board of Directors and the people who must effectively directs company business;
– 17 (2) of L.87 (i)/2017, as further defined in Articles 22 (1) and 22 (2) (a) of the committee assigned to Regulation (E)) 2017/565.
In a more detailed explanation in the Greek section of its website, CYSEC stated that taking into account the facts in this case, Triangleview / 3anglefx.com violations found Do not require immediate withdrawal of the company’s operating licenseAs is estimated to be corrected if the company has the right time to comply.
Cysc added that the company has already taken corrective measures and are pending further actions, with the aim of fully complying with the terms of its license and, in general, with its obligations.
Within two (2) months, the Company must take the necessary steps to comply with the aforementioned provisions.
For as long as the suspension of authorization applies as provided in section 9 of DI87-05:
1. The company is not allowed to:
- 1.1 Provide/carry out investment services/activities.
- 1.2 Enter any business transaction with any person and accept any new customer.
- 1.3 Advertised as an investment services provider.
2. The company, provided that this is in line with the wishes of its existing customers, may proceed with the following actions, without such actions being regarded as a violation of section 9 (7) (a) of DI87-05:
2.1. Complete all its own transactions and those of its customers that are before it, according to the customer’s instructions.
2.2. Return all the funds and financial instruments due to its customers.