The Cyprus Securities and Exchange Commission suspended the Cyprus Investment Firm licence of Mind Money Limited on 23 June 2026. The Limassol-based broker, formerly known as Zerich Securities Ltd, holds CIF licence number 115/10. CySEC cited alleged violations of section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017 across four areas: operating outside authorised scope, failing to notify board changes, failing to maintain two-person management, and shareholder suitability concerns. Cyprus remains a major EU licensing hub for retail investment firms, and the suspension limits the firm's ability to serve clients and conduct regulated brokerage activities.
CySEC Cites Four Compliance Violations
CySEC announced the suspension under section 10(1) of Directive DI87-05 on the withdrawal and suspension of authorisation. The regulator said Mind Money does not appear to comply at all times with several authorisation conditions required for Cyprus Investment Firms.
The alleged failures cover carrying out activities not covered by the firm's authorisation licence, failing to notify the regulator of changes to its board of directors, failing to maintain the requirement for two persons to effectively direct the company's business activities, and concerns over the suitability of its shareholder. CySEC said the alleged violations create concerns and risks related to the protection of the company's clients and may also pose a threat to the orderly operation and integrity of the market.
Mind Money Prohibited From New Business During Suspension
During the suspension period, Mind Money is prohibited from providing or carrying out investment services or activities. The firm is also barred from entering into business transactions with any person, accepting new clients, or advertising itself as a provider of investment services.
CySEC said the company may still carry out limited actions if they are consistent with the wishes of its existing clients. These include completing the firm's own pending transactions and client transactions in accordance with client instructions, as well as returning all funds and financial instruments attributable to clients. Mind Money has been given one month to take the necessary actions to comply with the relevant provisions. The suspension will remain in force until CySEC determines otherwise.
Mind Money Operates as European Investment Broker
Mind Money operates as a European investment and trading broker. The company's approved domain is listed as mind-money.eu/en/, and its website markets access to global financial markets, including stocks, exchange-traded funds, bonds, and pre-IPO and IPO investment opportunities.
According to CySEC's register, the firm's licence was dated 22 February 2010. Its authorised investment services included reception and transmission of orders, execution of orders on behalf of clients, and portfolio management. Those permissions placed Mind Money inside the regulated brokerage sector, allowing it to serve clients seeking access to financial instruments and managed investment services.
Suspension Highlights Governance Requirements for Cyprus Brokers
The focus on authorisation scope, board changes, effective management, and shareholder suitability points to core governance requirements rather than a narrow reporting issue. For regulated brokers, those areas are central to whether a firm remains fit to provide investment services under a Cyprus Investment Firm licence.
The decision shows how a regulator can move when concerns relate to client protection and market integrity. Even where a firm has held a licence for years, continued compliance with authorisation conditions remains a live requirement rather than a one-time approval. The suspension is not a withdrawal of the licence, but it is a serious supervisory action.
FAQ
What did CySEC do to Mind Money Limited on 23 June 2026?
CySEC suspended the Cyprus Investment Firm licence of Mind Money Limited, CIF licence number 115/10, in whole. The suspension was announced and taken under section 10(1) of Directive DI87-05 on the withdrawal and suspension of authorisation.
Why did CySEC suspend Mind Money's licence?
CySEC cited alleged violations of section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017. The alleged failures cover four areas: carrying out activities not covered by the firm's authorisation licence, failing to notify the regulator of changes to its board of directors, failing to maintain the requirement for two persons to effectively direct the company's business activities, and concerns over the suitability of its shareholder.
What restrictions apply to Mind Money during the suspension period?
Mind Money is prohibited from providing or carrying out investment services or activities, entering into business transactions with any person, accepting new clients, or advertising itself as a provider of investment services. The firm may still carry out limited actions consistent with the wishes of its existing clients, including completing pending transactions and returning client funds and financial instruments.
