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NewsWIKIFX REPORT: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund
The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).
NewsWikiFX report: CySEC Withdraws ICF Membership of Coverdeal Holdings
The company terminated its services last year, and its CIF license was also withdrawn.
NewsWikiFX report: Coverdeal FX operator no longer member of Cyprus Investors Compensation Fund
The Investors Compensation Fund (ICF) has withdrawn Coverdeal Holdings Ltd's membership in the ICF, which includes brands like Coverdeal FX, according to the Cyprus Securities and Exchange Commission (CySEC).
NewsWikiFX report: CySEC-regulated brokerage Coverdeal Holdings renounces license
In principle, the exit of CySEC-regulated investment firms (CIF) is good news for European investors. Many of them help scam brokers or run frauds through offshore firms, all while pretending to be legitimate by using the CySEC CIF license. Although not all CySEC CIFs are scammers, a significant number of them are. In this regard, the withdrawal of CySEC companies is good news for investor protection. Coverdeal Holdings Limited has done so, surrendering its CIF license 231/14 and ceasing operations.