CySEC Revokes Viverno Markets License Over Prolonged Inactivity

The Cyprus Securities and Exchange Commission, known as CySEC, revoked the investment firm license of Viverno Markets Ltd, which works as the B2B arm of BDSwiss. The regulator explained that the company did not run any investment services or do any business for months before the license got suspended.

According to CySEC, Viverno Markets must follow the regulations to properly close its operation now that its license has been revoked. To inform clients that it is no longer able to conduct business, the company must post notices on all of its websites. Additionally, it must outline in easy-to-follow stages how clients may complete transactions, withdraw their funds and property, and get in touch with the business with any queries or issues.

CySEC Aims To Protect Clients And Ensure Proper Winding Down Of Viverno Markets

According to CySEC, Viverno Markets needs to continue utilizing the same strategies to connect with all of its customers. The business has been ordered to reimburse all of its customers’ money, including any surplus earnings. Additionally, it was directed to cease providing any additional or investment services.

In order to complete all required activities, the regulator further stated that Viverno Markets must maintain office operations throughout this closure period. It further said that any client complaints must be addressed by the business.

CySEC clarified that it revoked Viverno Markets’ license because to the possibility that the business was not abiding with the regulations.

According to these regulations, a business operating under a CIF license must be managed by a minimum of two individuals. Although Viverno Markets had been providing other CFD brokers with tech and liquidity services, CySEC wasn’t certain that the business was managing everything appropriately.

CySEC Tightens Oversight Amidst BDSwiss Struggles

BDSwiss has been dealing with issues at the same time, such as the departure of important employees like the leaders of sales and marketing. To make matters worse for the business, some traders also expressed dissatisfaction over not being able to receive their money back.

CySEC has implemented new regulations for particular financial services and has seen a large number of new registrations. Other EU regulators and CySEC-registered businesses have begun to pay closer attention as a result.

CySEC has implemented new regulations for particular financial services and has seen a large number of new registrations. Other EU regulators and CySEC-registered businesses have begun to pay closer attention as a result.

The decision by CySEC to revoke Viverno Markets’ license demonstrates how crucial it is for businesses to abide by the law and be transparent about their activities in the financial sector. It is evident that safeguarding customers and making sure firms run correctly continue to be of utmost importance as the regulator closely monitors companies, particularly those like BDSwiss that are having difficulties.