CySEC extends the suspension of Petros Zachariades, the sole shareholder of Crowd Tech, operator of Trade360.
CySEC extends the suspension of Petros Zachariades, the sole shareholder of Crowd Tech, operator of Trade360.
The Cyprus Securities and Exchange Commission (CySEC) has once again extended the suspension of Petros Zachariades from his ownership and management roles at Crowd Tech Ltd, the operator behind the now-defunct forex and CFDs broker brand, Trade360. The regulatory body announced that it had barred Zachariades from exercising his voting rights as the sole shareholder of Crowd Tech and prohibited him from any management duties on the company’s Board of Directors. This marks another extension of the original prohibition, first enforced in January 2023.
CySEC initially imposed the restrictions due to concerns that Zachariades’ involvement in Crowd Tech posed risks to the company’s “sound and prudent management.” This decision comes at a crucial time, as the company has voluntarily renounced its Cyprus Investment Firm (CIF) license, and CySEC is currently reviewing this withdrawal.
Crowd Tech, previously operating under the name MPF Global Markets Ltd, gained recognition for its forex and CFDs brokerage services under the Trade360 brand. However, both the Cyprus-based and Australian operations of Trade360 have been facing significant regulatory scrutiny.
In Australia, Sirius Financial Markets, the operator of Trade360’s Australian branch, surrendered its Australian Financial Services license in July 2022. This decision followed an investigation by the Australian Securities and Investments Commission (ASIC), which revealed multiple violations of licensing regulations. Notably, ASIC found that Sirius had engaged an offshore call center, Toyga Media Ltd, which pressured clients into trading high-risk financial instruments, such as CFDs and margin forex contracts. This conduct was deemed not only unethical but also illegal, as Sirius lacked the proper licensing to provide financial advice.
The findings of the investigation led ASIC to ban several executives involved with Sirius Financial Markets. These developments underscore the regulatory challenges faced by both the Cyprus and Australian entities associated with the Trade360 brand, casting a shadow over the future of its operations.
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