ESMA’s Toughened Policies Await but Cypriot Brokers Seem Unfazed

The toughening of the regulatory policy of the Cypriot financial authorities in relation to participants of the over-the-counter industry has not appeared to have significantly harmed the current operations of brokers on the Mediterranean island.

Despite the fact that some representatives of the Forex and Binary Options industry are afraid of pressure from CySEC, the latest advertising campaigns of other companies paint a completely different picture.

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As recently as last month, Cypriot forex broker Exness, owned by Peter Valov (who is well known in post-Soviet countries), acquired a fleet of 150 new MINI Cooper S Countryman cars for its employees, the local Cypriot edition of Offsite reported. Thus, the forex broker was able to combine perks for its employees and an effective advertising campaign, as the cars were painted in company colors and marked with company logos.

Branded Audis

Interestingly, the provider of binary option trading, IQ Option, owned by Dmitry Zaretsky, undertook the same advertising move. Another Cypriot publication Cyprus Butterfly published a video showing a new fleet of 15 cars, made up of Audi A4s and A6s, carrying the IQ Option company logo.

As recently as December 2017, Demetra Kalogeru advised the Cypriot financial companies (CIF) to start preparing for new, complex realities. Meanwhile, the new rules of the European regulator ESMA, have been approved, but have not yet entered into legal force.

So, for the time being, Kalogeru and other representatives of the Cyprus financial sector will be able to see the colorful fleet of brokerage cars from the windows of their offices.

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