CySEC Cancels ITrade Global’s Forex Trading License

The Cyprus Securities and Exchange Commission (CySEC) has taken a bold step by stripping ITrade Global (Cy) Ltd of its investment license. This company runs popular Forex trading platforms like InvestFW, TradeFW, and Tradedwell. The move comes after the regulator uncovered a string of serious rule-breaking tied to poor management, weak risk controls, and sloppy oversight, sending a clear message about the need for Forex brokers to follow strict rules.

CySEC‘s probe found that ITrade Global didn’t meet key standards under Cyprus‘s investment laws, specifically sections 10(1)(a) and 10(1)(d). These rules demand strong risk management and proper oversight from a company’s leaders. The investigation showed problems ran deep, with both the firms management and a tied agent in Spain at the heart of the mess.

The spotlight fell on Lee Ron More, ITrade Global‘s executive director and shareholder, who was held largely responsible for the company’s failures. CySEC slapped More with a €50,000 fine and a three-year ban from holding leadership roles in regulated firms. This punishment came alongside the complete cancellation of ITrade‘s license, a strong signal that Cyprus won’t tolerate sloppy practices in the Forex trading world.

Among the issues, CySEC flagged ITrade Global‘s weak internal controls, which led to shaky risk management. The company’s website didn‘t clearly explain risks to clients, and its recordkeeping was a mess. It also failed to check if its products and marketing were suitable for everyday traders. On top of that, the firm’s communication with clients was misleading, falling short of industry standards.

Another big problem was how ITrade handled conflicts of interest. CySEC found the company‘s policies weren’t strong enough to protect retail traders, leading to an additional €120,000 fine for these failures and for misleading clients. This wasn‘t ITrade’s first brush with trouble—last year, it paid a €1 million settlement for violations dating back to 2020. Those earlier issues, combined with ongoing problems, convinced CySEC to pull the plug on the firms license.

Not everyone at ITrade took the hit. Four board members—Elif Kundakci, Yiannakis Christofi, Charis Charalambides, and Tatiana Kyriakidou—avoided fines. CySEC said their roles didn‘t directly tie to the violations. Still, the company’s overall leadership structure was a weak link, playing a big part in the decision to shut it down.

Now, ITrade Global must return all client funds, clear up any complaints, and prove to auditors it has no lingering obligations. Any money left unclaimed will go to the Investor Compensation Fund, giving eligible clients a shot at getting their money back. Cyprus law gives the firm three months to wrap things up, and CySEC will keep a close eye to make sure it follows through.

This crackdown is a wake-up call for Forex brokers everywhere. With online trading platforms booming, companies need to prioritize strong management, clear risk warnings, and honest client dealings. CySEC‘s tough stance shows it’s serious about protecting traders and keeping Cypruss financial markets trustworthy.

For users of InvestFW, TradeFW, and Tradedwell, this news raises concerns about the safety of their money and the reliability of these platforms. ITrades downfall is a reminder for traders to pick Forex trading platforms with a solid history of following rules and being upfront with clients.

As ITrade Global winds down, the industry is watching to see if it can meet its obligations without leaving clients in the lurch. This case also highlights the challenges regulators face in keeping tabs on complex financial platforms and ensuring they put traders first. For Forex brokers, ITrades fate is a warning: cut corners on compliance, and you risk losing everything.