CySEC Takes Action: Four Firms Lose Investor Protection Coverage

In a decisive move to uphold market integrity, the Cyprus Securities and Exchange Commission (CySEC) has announced that four regulated firms have been stripped of their membership in the Investor Compensation Fund (ICF). The action, dated September 4, 2025, effectively removes a critical layer of protection for the future clients of these companies and follows CySEC's prior decision to withdraw the firms' operating licenses.

The ICF serves as a crucial safety net for investors, ensuring that eligible clients can receive compensation in the event that a member firm is unable to fulfill its financial obligations. Membership is mandatory for licensed Cyprus Investment Firms (CIFs), and its withdrawal is a significant regulatory step.

CySEC was quick to reassure existing clients, stating that the loss of ICF membership "does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status"¹. The regulator confirmed that this action does not prevent the initiation of the compensation process for past activities, provided all conditions are met².

The Firms in Focus

The regulatory action impacts a diverse group of financial service providers. Here's a closer look at the companies that have lost their ICF membership:

Oasis Wealth Management Ltd

Oasis Wealth Management operated as a UCITS Management Company³. These firms are responsible for managing Undertakings for Collective Investment in Transferable Securities (UCITS), which are mutual funds regulated at the EU level, allowing them to be marketed to a wide range of investors across Europe. The withdrawal of its license and subsequent ICF membership marks the end of its regulated fund management activities in Cyprus⁴.

The Alternative GMI Ltd

The Alternative GMI Ltd was an authorized Alternative Investment Fund Manager (AIFM)⁵. AIFMs manage investment funds that fall outside the scope of UCITS, often dealing with more complex strategies and targeting professional or sophisticated investors. The loss of its authorization and ICF coverage concludes its operations in this specialized sector⁶.

Itrade Global (CY) Ltd

Itrade Global (CY) Ltd was a Cyprus Investment Firm (CIF), likely operating as a forex or CFD broker⁷. These firms provide online trading services to retail and professional clients, offering access to global financial markets. The revocation of its CIF license means it can no longer legally provide investment services⁸.

Viverno Markets Ltd

Also operating as a Cyprus Investment Firm (CIF), Viverno Markets Ltd was part of the competitive online trading industry in Cyprus⁹. As a CIF, it would have offered investment services to clients under the MiFID II regulatory framework. Following CySEC's decision, it is no longer authorized to operate¹⁰.

Your Role in Market Integrity

Financial regulation relies on transparency and accountability. If you have information about misconduct, fraudulent activities, or regulatory breaches within the financial services sector in Cyprus, your voice can make a difference.

Help us uphold the integrity of the market. Contact our investigative desk with your confidential tip.

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