IC Markets EU Hinaharapang Multa na EUR 50,000

Forex broker IC Markets fined €50,000 by the Cyprus Securities and Exchange Commission (CySEC) for violating investment services regulations . The investigation revealed violations of the Investment Services and Activities and Regulated Markets Act of 2017.

The fine is divided into three parts: €30,000 for failing to ensure the best execution results for the client, taking into account factors such as price and trade size, €10,000 for not setting up effective measures to comply this standard, and another €10,000 for not providing clear information about costs and fees.

In response, forex broker IC Markets disputed the penalty, calling it “unjustified.” The broker stated, “We strongly disagree with CySEC's conclusions, especially the claim that we did not take adequate steps to provide the best execution for our clients.”

IC Markets defended its process, citing “robust internal systems and thorough market analysis” as key to ensuring profitable execution results for traders. The multi-asset broker also criticized CySEC's decision, stating that it does not reflect the reality of the trading environment and the needs of professional traders.

This fine comes after IC Markets faced a €200,000 fine in July for non-compliance with European Union regulations regarding the sale of CFDs to retail clients. Additionally, CySEC flagged that the broker had previously offered leverage of up to 1:1000 through offshore entities, bypassing the legal limit of 1:30. Despite previous promises of corrective action, these repeated violations raise concerns about their ongoing compliance efforts.

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