According to a recent statement by Cyprus’ financial regulator, the CySEC, a known investment company by the name of Belight Capital Group has had its CIF license withdrawn. The country’s securities watchdog stated that the Group in question wasn’t in full compliance with the local laws. Specifically, CySEC wasn’t satisfied with the company’s compliance with Article 22(1).
The procedure involving the company has actually been ongoing for the better part of 2021 and 2021. The regulator originally decided to withdraw the Cryptus Investment Firm (CIF) license from Belight Capital Group Ltd. during a meeting on March 1st. In doing so, it followed through with the decision that was originally brought almost a year earlier, on April 8th, 2021.
Belight Capital has to return the users’ funds and pay the profits
CySEC argued that the company performed a variety of investment activities for the six months preceding the decision to suspend its license. Now, the company has to publish a note on its websites and notify the public of CySEC’s decision to revoke its license.
Not only that, but the financial watchdog also requested that all of the financial instruments and funds that the company held on behalf of its clients are returned to said clients, together with any potential profits that the clients may have made in the meantime.
Finally, the company is no longer allowed to offer investment or ancillary services, apart from those necessary to complete the transactions that will see the funds returned to their rightful owners. The company has until the end of the month to comply with the orders,