First CIF to obtain a license in 2016 by CySEC

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First CIF to obtain a license in 2016 by CySEC

Cyprus is a true hub when it comes to offering online retail financial services and brokerages are lining up by the dozens to obtain a license from the local regulator, CySEC, in order to be able to passport their services in the entire EU region.

Currently, the number of Cyprus Investment Firms (CIFs) that hold a valid license from CySEC to offer financial services, primarily in the fields of online retail forex and binary options trading stands at an impressive 202, with 19 of those having obtained the relevant license during 2015.

According to recent statements by the Chairwoman of CySEC Demetra Kalogerou, there are currently another 30 applications waiting for approval, while the flow seems to be constant as interest remains unabated.

The first CIF to obtain a license in 2016 came on 11 January, with CySEC announcing that it has decided to grant the relevant permission to Daweda Exchange Ltd which is to be offering binary options trading services.

The license number of the said entity is 289/16, while the license has yet to be activated since these entails the firm passing a series of rigorous tests that are performed by the watchdog after the initial granting of the permission to operate. Therefore, the site of the firm is still largely inactive pending the satisfaction of the additional requirements set by the regulator.

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