CySEC Revokes Former BDSwiss Affiliate Viverno Markets License

The Cyprus Securities and Exchange Commission (CySEC) has revoked the investment license of Viverno Markets Ltd, the B2B arm formerly tied to the BDSwiss brokerage group, due to extended inactivity. Announced on Friday, the decision follows a suspension in October 2024, prompted by the firms failure to engage in regulated investment activities since January 1, 2024.

Viverno Markets, once known as BDSwiss Holding Ltd, held Cyprus Investment Firm (CIF) license number 199/13. It focused on institutional trading and liquidity services after BDSwiss exited Cyprus retail brokerage market. The 2023 rebranding to Viverno followed a €100,000 CySEC fine for margin and disclosure violations.

CySEC mandates that Viverno notify clients of the license cancellation, return all client funds and instruments, and resolve outstanding complaints. The firm must maintain infrastructure to complete its wind-down and update its platforms accordingly. Per Cypriot rules, Viverno has three months to settle obligations under CySEC supervision, with an external auditor verifying no client obligations remain.

Unclaimed funds will transfer to the Investor Compensation Fund (ICF), allowing clients to claim compensation if Viverno cannot meet financial duties. The ICF safeguards clients impacted by the closure. Vivernos website currently shows a “Temporarily Unavailable” message, and sources report that BDSwiss has vacated its Limassol offices, selling off equipment.

The initial suspension arose from governance lapses, notably the lack of two directors to oversee operations, a critical regulatory requirement. Viverno failed to rectify these issues, leading to the licenses full revocation.

Established in 2012, BDSwiss was a notable European retail broker but faced challenges from tightening regulations in Cyprus and elsewhere. Its shift to institutional services via Viverno aimed to navigate these pressures, yet the inactivity suggests a potential strategic pivot. Whether BDSwiss will continue operations elsewhere or abandon brokerage services remains unclear.

This move underscores CySEC‘s rigorous oversight, prioritizing compliance and client protection. Viverno’s clients should stay informed and pursue claims through the ICF if needed.

For more information on BDSwiss and its regulatory status.