The Cyprus Securities and Exchange Commission (CySEC) today announced that it has imposed a fine of €3,650 on Cyprus investment firm Conotoxia Ltd.
The decision for the fine was made at a CySEC Board meeting that took place on July 21, 2025.
The fine stems from the firm’s non-compliance with paragraphs 5(d) and 11 of the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (Directive 157/2019).
As FX News Group has reported, Conotoxia has had its license suspended by the Cypriot regulator.
The regulator said it took the action to suspend Conotoxia’s license as there are suspicions of an alleged violation of section 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017, as the Company does not appear to comply at all times with the authorisation conditions in:
- Sections 9(2) and 9(16) of the Law regarding its board of directors and the persons who must effectively direct the business of the Company,
- Section 11(1)(b) of the Law regarding the suitability of the shareholders,
- Section 17(2) of the Law, as specified in articles 21(1)(a) and 22(1) and 22(2)(a) of the Delegated Regulation (EU) 2017/565 (the ‘Regulation’) and senctions 17(5)(b) of the Law, as specified in articles 23(1)(a) and 24(a) of the Regulation, regarding its organizational requirements.
