BDSwiss has vacated its office in Limassol, Cyprus, and is selling all its office equipment, Finance Magnates has learned. The broker now has no physical presence on the Mediterranean island.
BDSwiss Exits Cyprus
The vacated office, located in Geitonia, Limassol, was registered with the Cyprus Securities and Exchange Commission (CySEC) under Viverno Markets Ltd, formerly BDSwiss Holding Ltd. Operating under the Viverno brand, the company provided liquidity and technology solutions to other CFD brokers. However, its CySEC license was suspended last month.
CySEC has granted Viverno (BDSwiss) one month to resolve its non-compliance issues. Notably, the Viverno website now displays a “Temporarily Unavailable” message, suggesting the broker is winding down its Cyprus operations entirely.
As previously reported by Finance Magnates, many BDSwiss employees had already departed in a mass exodus. It now seems that the remaining retail broker staff on the island are working remotely. Previously, the broker also told Finance Magnates that its management were restructuring the business and would discontinue operations in βcertain geographical regions,β without specifying any jurisdictions.
BDSwiss had also vacated two other offices in Cyprus earlier. One of these office spaces is now occupied by another forex and CFDs broker that recently obtained a Cyprus license.
Finance Magnates reached out to BDSwiss for comment on its plans in Cyprus but had not received a response at the time of publication.
Shifting Focus to Other Regions?
BDSwiss obtained its CySEC license in 2013. However, last year, it was fined β¬100,000 for issues related to initial margin and risk warnings. Following the penalty, the broker rebranded its corporate name to Viverno and removed all retail domains from CySEC’s records, retaining only its B2B unit.
Although BDSwiss no longer operates in Cyprus, it remains regulated in Mauritius, Seychelles, Mwali, and the United Arab Emirates. It received its UAE license earlier this year to expand into the Middle East and North Africa.
Meanwhile, former BDSwiss executives have launched new ventures. Andreas Andreou, the former Chief Revenue Officer, founded a Dubai-based proprietary trading platform in September. Similarly, Alexander Oelfke, the former Group CEO, has established a Dubai-based CFDs broker.
BDSwiss has vacated its office in Limassol, Cyprus, and is selling all its office equipment, Finance Magnates has learned. The broker now has no physical presence on the Mediterranean island.
BDSwiss Exits Cyprus
The vacated office, located in Geitonia, Limassol, was registered with the Cyprus Securities and Exchange Commission (CySEC) under Viverno Markets Ltd, formerly BDSwiss Holding Ltd. Operating under the Viverno brand, the company provided liquidity and technology solutions to other CFD brokers. However, its CySEC license was suspended last month.
CySEC has granted Viverno (BDSwiss) one month to resolve its non-compliance issues. Notably, the Viverno website now displays a “Temporarily Unavailable” message, suggesting the broker is winding down its Cyprus operations entirely.
As previously reported by Finance Magnates, many BDSwiss employees had already departed in a mass exodus. It now seems that the remaining retail broker staff on the island are working remotely. Previously, the broker also told Finance Magnates that its management were restructuring the business and would discontinue operations in βcertain geographical regions,β without specifying any jurisdictions.
BDSwiss had also vacated two other offices in Cyprus earlier. One of these office spaces is now occupied by another forex and CFDs broker that recently obtained a Cyprus license.
Finance Magnates reached out to BDSwiss for comment on its plans in Cyprus but had not received a response at the time of publication.
Shifting Focus to Other Regions?
BDSwiss obtained its CySEC license in 2013. However, last year, it was fined β¬100,000 for issues related to initial margin and risk warnings. Following the penalty, the broker rebranded its corporate name to Viverno and removed all retail domains from CySEC’s records, retaining only its B2B unit.
Although BDSwiss no longer operates in Cyprus, it remains regulated in Mauritius, Seychelles, Mwali, and the United Arab Emirates. It received its UAE license earlier this year to expand into the Middle East and North Africa.
Meanwhile, former BDSwiss executives have launched new ventures. Andreas Andreou, the former Chief Revenue Officer, founded a Dubai-based proprietary trading platform in September. Similarly, Alexander Oelfke, the former Group CEO, has established a Dubai-based CFDs broker.
This post is originally published on FINANCEMAGNATES.
