- IC Markets (EU) fined €200,000 by CySEC for violating leverage rules, offering up to 1000:1 leverage via offshore onboarding.
- IC Markets denies CySEC decision, plans to appeal, questioning the regulatory process’s impartiality and integrity.
The Cyprus Securities and Exchange Commission (CySEC) has imposed a €200,000 fine on IC Markets (EU), a Cyprus-regulated entity of the IC Markets brand, for “knowingly and intentionally” violating leverage regulations.
According to the announcement, the broker offered leverage up to 1000:1 by onboarding customers through an offshore entity, circumventing the EU’s 30:1 leverage cap for FX and CFDs brokers.
“CySEC takes any misconduct by supervised entities seriously and is determined to bring non-compliant operations to a halt in order to enhance investor protection and the responsible growth of the investment sector,” stated Dr. George Theocharides, Chairman of CySEC.
IC Markets strongly refuses the allegations, claiming the decision was based on the testimony of a disgruntled former employee and disregarded audited evidence. The company plans to appeal the decision, questioning the impartiality and integrity of the regulatory process.
