The Cyprus Securitiesand Exchange Commission has withdrawn the Cyprus Investment Firm authorisationof Conotoxia Ltd, ending the firm’s regulated investment services activities inCyprus.Conotoxia Ltd operatedas the investment services arm of the Conotoxia group. The company previously offeredtrading in contracts for difference across multiple asset classes,including foreign exchange, stocks, indices, commodities, ETFs, futures, andcryptocurrencies.CySEC Withdraws Conotoxia LicenceCySEC said thedecision was taken at a meeting held in December last year. According to theregulator, the withdrawal followed the company’s failure to comply with ongoingauthorisation requirements under Cyprus investment services legislation.The regulator said thedeficiencies related to several areas, including “the suitability of a memberof its board of directors,” the requirement to maintain “at least two personseffectively directing its business activities,” the suitability of a shareholder,and the firm’s organisational arrangements.As a result, CySECconcluded that the company “no longer fulfils the conditions under which itsauthorisation was granted.”CySEC Orders Complaints InvestigationClosureThe decision followsearlier enforcement action against Conotoxia Ltd. The regulator noted that thefirm’s licence had been suspended since July last year under a separatedecision published on the same day.Following thewithdrawal of authorisation, CySEC instructed the company to immediately removeall references to providing investment services, as well as references to itsCySEC licence and supervision, from its websites and other materials. It alsoordered the firm to investigate and resolve all customer complaints submittedto it. In addition, Conotoxia must ensure it does not provide investment orancillary services following the withdrawal of its authorisation.Recent developments inPolandinvolving Cinkciarz.pl and its related entities have added broader regulatorycontext around parts of the wider Conotoxia group structure. Polishprosecutors have expanded fraud charges against the group’s CEO and arecontinuing their investigation into alleged client losses and frozen accounts.This article was written by Tareq Sikder at www.financemagnates.com.