The Cyprus Securities and Exchange Commission (CySEC) has reached a €20,000 settlement with ZFN Europe Ltd in relation to a possible violation of the Investment Services and Activities and Regulated Markets Law of 2017.

According to CySEC, the settlement was made under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, as amended.

This article gives CySEC the authority to settle any violation or possible violation, act or omission, when there are reasonable grounds to believe it occurred in breach of the legislation CySEC oversees.

The case involved an investigation into the company’s compliance with article 5(1) of the Investment Services Law, which concerns the requirement for appropriate authorisation.

The assessment covered the period from December 2023 to June 2024.

According to the announcement, the company has paid the settlement amount in full.

CySEC clarified that all proceeds from settlement agreements are treated as revenue for the Treasury of the Republic.

It further stated that these funds do not constitute income for CySEC itself.