CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

In relation to the fine, CySEC stated that Titanedge Securities failed to implement proper policies to monitor the information it provides to its clients. The firm, which operates several trading brands – including; – broke a number of Cypriot regulations during the period from October 2022 to July 2023.

Specifically, the investigation scrutinized the company’s adherence to articles 25(1) and 25(3) of the Law. These articles are detailed in article 44 of the Commission Delegated Regulation (EU) 2017/565 and pertain to general principles and client information standards.

Under the terms of the settlement, Titanedge Securities has agreed to pay €90,000. This amount has already been paid by the company. The CySEC’s circular notes that the funds received from such settlements are treated as revenue to the Treasury of the Republic and are not considered income for the regulatory body.

Separately, CySEC confirmed on Friday that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of SAZKA Delta AIF Variable Capital Investment Company Ltd. Sazka Group owned 33% stake in Greek lottery company OPAP through the investment fund EMMA Delta.

OPAP, established in 1958, stands as one of Greece’s well-known gaming companies and a notable name in the global gaming industry. Originally set up as the national lottery, it has been listed on the Athens Exchange since 2001. OPAP holds the exclusive license in Greece for all numerical lotteries, encompassing seven games, sports betting with four games, and horse racing. Additionally, through an 83.5% stake in a joint venture, OPAP exclusively operates passive lotteries and instant scratch games.

As CySEC’s attitude of adopting more stringent licensing guidelines and operating regulations becomes ever clearer, certain aspects of the rules and operations start to come into sharper focus.

Key among these changes is the obligation for every service provider dealing with crypto assets to register with the CySEC. Firms or individuals failing to adhere to this new stipulation will face severe consequences. Penalties for noncompliance range from hefty fines, potentially reaching up to €350,000 ($370,000), to custodial sentences lasting up to five years. In some cases, violators may face a combination of both fine and imprisonment.