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XTrade fined €225 000 by CySEC for numerous offenses
The Cyprus Securities and Exchange Commission (CySEC) has published a Board decision from end-September to fine XFR Financial, the parent company of the forex broker XTrade a total of €225 000 for a number of regulatory violations. The largest portion of the fine, €70 000, is for providing investment advice without having the proper authorization to do so. Three fines, of €40 000 each, are imposed for failing to act fairly and honestly in accordance with its clients’ best interests in granting trading bonuses, misleading and unclear marketing communications and failing to ask clients for all necessary ... (full story)