The Cyprus Securities and Exchange Commission (CySEC) has fully revoked the investment license of Itrade Global (Cy) Ltd, the company behind retail FX brands InvestFW, TradeFW, and Tradedwell, following a series of regulatory violations tied to both its leadership and an appointed agent in Spain.
The decision cited serious lapses in corporate governance and oversight. CySEC concluded that Itrade’s board failed to meet key requirements under Cyprus’s investment services law, specifically sections 10(1)(a) and 10(1)(d), relating to risk controls and oversight practices.
A tied agent appointed by Itrade in Spain appears to have played a central role in the breaches. However, CySEC also placed direct responsibility on Itrade’s leadership, particularly its executive director and shareholder, Lee Ron More. In a separate action, More was fined €50,000 and banned from holding management positions in regulated firms for three years.
CySEC’s findings pointed to a lack of internal checks, poor recordkeeping, and failure to assess whether the firm’s marketing and product offerings were appropriate for retail clients. Among the violations were inadequate conflict-of-interest controls, unclear risk disclosures on its website, and the absence of an internal operations manual.
Four other board members — Elif Kundakci, Yiannakis Christofi, Charis Charalambides, and Tatiana Kyriakidou — were not fined, with the regulator noting that their roles carried limited direct responsibility for the issues flagged.
The decision follows a €1 million settlement last year, where Itrade resolved earlier charges related to violations dating back to 2020. CySEC said those previous fines and ongoing compliance failures contributed to its decision to withdraw the firm’s license entirely.
In a separate penalty, the regulator also fined Itrade Global €120,000 over failures related to conflict-of-interest rules and misleading client communication.
Under Cypriot law, Itrade must now return all remaining balances to its clients, resolve outstanding complaints, and submit auditor confirmation that no further client obligations exist. Funds left unclaimed by clients must be transferred to the Investor Compensation Fund, where eligible clients can seek reimbursement.
CySEC typically allows a three-month window for firms to wind down and meet all obligations before closing operations. During that time, Itrade Global will remain under regulatory supervision.