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Pegase Capital Ltd., a Cypriot investment firm which operates under several separate brands, has had its authorisation suspended by the Cypress Security and Exchange Commission (CySEC) in addition to the imposition of a 300,000 euro fine by the same regulator. This action was taken in the face of allegations of multiple breaches of the regulations which threatened their clients' interests.
CySEC informed Pegase Capital Ltd. that it has 30 days to comply with the CySEC requirements which include returning money the company owes its clients, reviewing and resolving all complaints and closing the open positions of clients but only on the express instructions of the clients. During this time the CySEC will continue to supervise Pegase Capital Ltd. and has warned the company that if it fails to comply with any of the instructions it risks its license being revoked permanently.
CySEC continues to robustly enforce its penalties against forex, and binary options brokers when breaches of the regulations come to light, aiming to uphold market integrity in Cyprus.
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