AMP Global,
an FX/CFD broker with roots in the US, has likely decided to suspend its
operations in Europe, which it conducted through AMP Global Ltd. The company
announced that it has initiated the process of relinquishing the license it
received from the Cypriot regulator.
AMP
Global Without a CySEC License
“We
would like to inform you that AMP Global Ltd hereby notifies you that it is in
the process of voluntarily renouncing its CIF License with authorization number
360/18,” states the official broker’s website. “Therefore, the
Company will no longer accept any new clients and/or the opening of any new
accounts while it has terminated all its existing clients and informed them
about the procedure that should be followed for their funds return and filing
any complaints.”
This
information was confirmed by an official CySEC decision issued today
(Thursday), confirming that the CIF (Cyprus Investment Firm) authorization has
been withdrawn.
AMP Global had been regulated by CySEC since 2018 and, under the license obtained in
Cyprus, was able to provide its services in Europe. The information on the
website does not clearly indicate whether the broker is suspending its
activities only on the Old Continent or also in its home market.
AMP Global offers its clients access to futures, forex, and CFDs markets via the MetaTrader 5 platform. In the United States, AMP Global Clearing LLC is registered as an official Chicago-based Futures Commission Merchant (FCM), which can provide retail clients access to electronic financial markets.
Recent CySEC Actions
Recently, CySEC
took several measures to enhance market integrity and protect investors. This
week, the regulator imposed a €50,000 fine on IC Markets (EU) Ltd. The fine
addresses violations of the Investment Services and Activities and Regulated
Markets Law, specifically concerning the firm’s failure to ensure optimal
outcomes for its clients in order execution. The firm was specifically fined
€30,000 for not adequately considering factors like price and size during the
execution process.
Moreover,
in August, CySEC raised alarms over an uptick in sophisticated financial scams.
These scams target investors through various channels, including impersonations
of the regulator and misuse of famous individuals’ likenesses.
To further
secure investor safety, CySEC released a “Policy Statement on the
Enhancement of the Non-Face-to-Face Customer Onboarding Process with Electronic
Methods.” This statement aligns with EU norms and embraces technological
advancements, advocating for technology neutrality and enhanced risk
management. It also emphasizes the importance of GDPR compliance and
information security, moving away from overly specific protocols to a more
balanced and substantial approach.
This article was written by Damian Chmiel at www.financemagnates.com.
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