The Cyprus Securities and Exchange Commission (CySEC) has settled with Goldenburg Group Limited, the operator of retail brokerage brand, TopForex, for €270,000 for possible regulatory violations.
According to Monday’s statement released by the regulator, the brokerage has possibly failed to meet several compulsory regulations, for which it has to agree to pay the monetary settlement.
Additionally, the Cypriot watchdog stated that the settlement was reached for possible operational violations between January 2018 and October 2020.
CySEC elaborated that the possible non-compliances were regarding the organizational requirements, along with some possibility of conflicts of interest. Moreover, it flagged the forex broker for the failure of assessment of appropriateness to clients and a few other violations as well. These are the standard violations for which the watchdog has flagged and settled with multiple brokerage operators.