It is the parent company of tradeATF and iTrader. It had already reached an agreement with the Cyprus Securities Exchange Commission for many potential cases of non-compliance.
Hosh Capital’s Brokering License Revoked on 15th April
Hoch Capital Ltd, which runs various brokerage companies, had its legal license revoked by the CySEC on 15th April. On 28th March this year, the regulatory judgment to revoke the license was made. Hoch Capital chose to surrender its CIF license, according to the statement. Hoch Capital is the parent company of tradeATF.com and itrader.com, two trading websites. Forex and CFDs of common investment vehicles are among their services.
Broker With a History of Controversy
On the other hand, Hoch Capital continues to be a source of controversy due to many charges of non-compliance with compulsory legal standards. Several suspected compliance issues, such as conflicting interests and materials offered to customers, were resolved in December 2020 when the firm paid a €260K fine to Cyprus Securities and Exchanges Commission in a settlement.
According to a Cypriot regulator, Hoch Capital and many other brokers were temporarily halted in June 2020 because they were advertising their products to British customers. They were reported to the Financial Conduct Authority for utilizing bogus endorsers on social networks to promote their merchandise.
Hoch Capital traded under iTrader and tradeATF in the United Kingdom, whereas Rodeler traded under 24option. F1 Markets and Magnum FX were among the other firms involved. F1 Market and Magnum FX’s regulation bans were revoked within 3 weeks, but the other 2 didn’t have their Cost, Insurance, and Freight licenses back; rather, they relinquished them.
Hoch also ran into regulatory issues in Italy. Furthermore, the regional regulator, CONSOB, has barred its brokerage business, tradeatf.com, from operating in the nation due to non-compliance. Cyprus is among the most popular locations for financial services companies to set up shop. The island’s minimal legislative entry hurdle makes it an ideal destination for European enterprises to establish a foothold.
However, Cyprus Securities and Exchange Commission has increased its vigilance and vigorously reports and prosecutes any infractions. PMT Matrix Capital and Maxigrid had their Cost, Insurance, and Freight licenses revoked earlier in 2022, and the government also punished some other firms. Even the Cypriot supervisor warned all legislated businesses not to help Russian people and businesses get around sanctions by utilizing their systems to get around them, which is against the law.