CySEC suspends Mind Money Limited investment license

On Tuesday, the Cyprus Securities and Exchange Commission (CySEC) announced the full suspension of the investment license held by Mind Money Limited (license number 115/10). The regulatory action was taken under section 10(1) of Directive DI87-05, citing alleged violations of section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017. CySEC identified concerns regarding the company's compliance with authorization conditions, noting that it appeared to conduct activities outside the scope of its license. Additionally, the regulator cited failures to notify the commission of changes to the board of directors and the lack of two individuals effectively directing business activities. Further concerns were raised regarding the suitability of one of the company's shareholders. The commission stated these issues create risks for client protection and market integrity. Mind Money Limited has been granted a period of one month to implement necessary remedial measures.