Key Insights
- CySEC fines Exelcius Prime Ltd €3,500 for violations related to anti-money laundering and terrorist financing regulations.
- The firm, previously known as Copydo Social Investment Network Ltd, is under examination for voluntary renunciation of its authorization.
- Exelcius Prime operates through multiple websites and was found in breach of several sections of CySEC’s regulatory framework.
NICOSIA (MarketsXplora) – The Cyprus Securities and Exchange Commission (CySEC) has levied a €3,500 fine against Exelcius Prime Ltd for multiple regulatory violations, the watchdog announced on Tuesday.
The decision was reached during a CySEC meeting on June 17, 2024, following an investigation into the firm’s operations.
The financial penalty addresses three specific areas of non-compliance:
- Firstly, the company violated Section 58(d) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law, along with paragraph 6 of Directive 157/2019.
- Secondly, Exelcius Prime breached Section 58(i) of the same Law and paragraph 10(3) of the Directive.
- Lastly, the firm failed to adhere to Paragraph 5(d) of the Directive.
The CySEC website indicates that Exelcius Prime is currently under examination for voluntary renunciation of its authorization, suggesting potential changes in the company’s regulatory status.
Formerly known as Copydo Social Investment Network Ltd, Exelcius Prime operates through multiple online platforms, including www.exelciusprime.com, www.1market.eu, and www.1market.hu.
This regulatory action underscores CySEC’s ongoing efforts to maintain strict compliance standards within Cyprus’s financial services sector, particularly in areas related to anti-money laundering and counter-terrorism financing.
A CySEC spokesperson told MarketXplora,
“We remain committed to ensuring all licensed entities adhere to our regulatory framework, safeguarding the integrity of Cyprus’s financial markets.”
Exelcius Prime Ltd has not yet issued a public statement regarding the fine or its plans moving forward.