Viverno Receives Ban From Offering Trading Services As Its CySEC License Is Forfeited

The Cyprus Securities and Exchange Commission has taken away the license of Viverno Markets Limited, a company that was once named BDSwiss Holding Limited. The regulator said Viverno held a special license in Cyprus and gave brokers support with liquidity and technology for contracts for differences.

According to the Cypriot regulator, Viverno violated important regulations. Specifically, the company may not have had at least two individuals effectively directing its business, which is a key requirement under Cypriot law. This concern led to the decision to suspend Viverno’s license.

CySEC Aims To Protect Viverno’s Clients And Investors From Potential Risks

The Cyprus Securities and Exchange Commission stated that it suspended Viverno’s license action because the possible rule violation could bring risks to the company’s clients and investors. The regulator noted that this issue might harm the smooth running of the market and its fairness, leading to the suspension.

During the suspension, Viverno will not be allowed to offer any investment services or do business activities. CySEC noted that the company is also not permitted to enter into any new business deals, take on new clients, or advertise itself as an investment service provider.

According to the update, Viverno is still allowed to close or complete transactions for both itself and its clients that were initiated before the suspension. The company will also be permitted to return any client funds during this time.

CySEC Has Given Viverno One Month To Rectify The Issues That Led To Its Suspension

The Cyprus Securities and Exchange Commission has given Viverno one month to correct the issues by following the rules. In an unusual step, Viverno has taken down its website, and it now displays the message “Temporarily Unavailable,” raising more questions about how the company is running.

Viverno began as BDSwiss in 2013. Under its previous name, BDSwiss initially provided retail CFD services. However, last year, CySEC fined the company €100,000 for failing to comply with regulations related to initial margin and risk warnings. After receiving the penalty, the company rebranded to Viverno and removed its retail domains from CySEC’s registry, keeping only its business-to-business unit.

In a recent development, a report shows that several key staff members, including top executives from Viverno’s Cyprus office, have left the company. One of the notable departures was Andreas Andreou, the former Chief Revenue Officer of BDSwiss. After leaving in September, Andreou launched a Dubai-based prop trading platform.

According to the trend, Alexander Oelfke, the former Group Chief Executive Officer of BDSwiss, has started a new CFDs broker in Dubai. These actions show a change among Viverno’s former leaders as they look for new business opportunities in other markets.