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.<\/p>\n
The decision cited serious lapses in corporate governance and oversight. CySEC<\/a> concluded that Itrade\u2019s board failed to meet key requirements under Cyprus\u2019s investment services law, specifically sections 10(1)(a) and 10(1)(d), relating to risk controls and oversight practices.<\/p>\n 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\u2019s leadership<\/a>, particularly its executive director and shareholder, Lee Ron More. In a separate action, More was fined \u20ac50,000 and banned from holding management positions in regulated firms for three years.<\/p>\n CySEC\u2019s findings pointed to a lack of internal checks, poor recordkeeping, and failure to assess whether the firm\u2019s 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.<\/p>\n Four other board members \u2014 Elif Kundakci, Yiannakis Christofi, Charis Charalambides, and Tatiana Kyriakidou \u2014 were not fined, with the regulator noting that their roles carried limited direct responsibility for the issues flagged.<\/p>\n The decision follows a \u20ac1 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\u2019s license entirely.<\/p>\n