CySEC Suspends License of BDSwiss' Viverno
CySEC suspended BDSwiss' Viverno license for alleged management oversight violations, and prohibited the company from operating or accepting new clients.
In the latest forex broker news, the Cyprus Securities and Exchange Commission (CySEC) has suspended the license of Viverno Markets, previously known as forex broker BDSwiss Holding Ltd, following alleged non-compliance with important regulatory requirements.
Viverno, which operates in the CFD sector, is now prohibited from offering investment services, accepting new clients or engaging in any promotional campaigns. However, they are still allowed to complete ongoing transactions and return funds to existing clients.
CySEC's decision comes amid claims that Viverno failed to meet key regulatory requirements that require a minimum of two key figures to be responsible for directing the company's operations. This suspension reflects CySEC's concerns over potential threats to investor protection, market integrity, and the orderly operations of the company. Viverno now has one month to address these compliance issues to avoid further regulatory action.
The company, which was originally launched as BDSwiss forex broker in 2013 with a CySEC license, changed its name to Viverno as part of a shift towards B2B operations, moving away from retail services.
The transition comes after CySEC imposed a €100,000 fine last year for negligence regarding margin management and risk warnings. With its focus now on providing technology and liquidity solutions to other businesses, Viverno's recent license freeze underscores the regulatory body's increasing focus on enforcing strict compliance for investor safety.
Meanwhile, recently the multi-asset broker just attended the Smart Vision Summit 2024, and caught the title of 'Most Supported Forex Broker for Partners'.