The Cyprus Securities and Exchange Commission (CYSEC) announced today that it has imposed a fine of € 3,650 on Cyprus investment company Conotoxia Ltd.
The decision on the fine was held at a meeting of the Board of Directors of CYSEC on July 21, 2025.
The fine is derived from the company’s non -compliance with paragraphs 5 (d) and 11 of the Directive on the prevention and suppression of money laundering and terrorism funding (Directive 157/2019).
According to FX News Group, Conotoxia has been suspended by the Cyprus regulator.
The Regulatory Authority stated that the action was needed to suspend Conotoxia’s license, as there are suspicions of a supposed breach of Article 22 (1) of investment services and the 2017 market activities and the company, as the Company does not appear to comply at any time with the conditions of authorization in:
- Departments 9 (2) and 9 (16) of the Law on its Board of Directors and the persons who must effectively direct the company’s business,
- Article 11 (1) (b) of the law on the appropriateness of shareholders,
- Article 17 (2) of the Law, as defined in Articles 21 (1) (a) and 22 (1) and 22 (2) (a) of the Authorized Regulation (EU) 2017/565 (the regulation) and the surface of the law, in accordance with Articles 23 (1) (a) and 24 (a) of the organization concerning the organization.