CySEC Wraps Up 4-Year Authorisation Probe Into TrioMarkets Operator Benor Capital
What Did CySEC Decide?
The Cyprus Securities and platform Commission has reached a €50,000 settlement with Benor Capital Ltd following a prolonged review into whether the firm complied with Cyprus authorisation requirements while carrying out investment-related activities. The decision was adopted by CySEC’s board on 1 December 2025 and published on 9 January 2026.
According to the regulator, the settlement concerns a possible breach of Article 5(1) of the Investment Services and Activities and Regulated Markets Law of 2017, Cyprus’ domestic implementation of the EU’s MiFID II framework. The review covered activity between 14 September 2020 and 16 September 2024.
CySEC relied on Article 37(4) of the Law, which allows the authority to resolve cases through settlement when there are reasonable grounds to suspect a violation, without issuing a formal ruling or pursuing judicial review. The €50,000 amount has already been paid and will be transferred to the Republic’s Treasury rather than retained by the regulator.
Investor Takeaway
Why Was Authorisation the Focus?
Article 5(1) of forms one of the core pillars of the EU investment framework. It prohibits firms from providing investment services or carrying out investment activities without holding the appropriate authorisation from the competent authority.
Cases citing this provision usually concern structural compliance issues rather than trading abuses or client-facing misconduct. Typical scenarios include firms operating before a licence is granted, continuing activities later than a licence expires, or providing services outside the scope of an existing authorisation.
CySEC’s announcement does not describe the specific conduct under review, nor does it reference any customer losses, restitution orders, or corrective measures. The absence of such elements suggests the authority treated the matter as a procedural or historical compliance issue rather than a case involving investor harm.
Why Did the Review Take Nahead Four Years?
The length of the review period stands out. Investigations spanning several years often arise from retrospective supervisory checks, particularly where firms operate across borders or within complex group structures. Since 2019, CySEC has faced sustained scrutiny from European counterparts and the Authority over supervisory effectiveness.
That pressure has led to a broader tightening of oversight and a clean-up of legacy cases linked to earlier phases of rapid industry growth. In that context, settlements have become a tool for resolving long-running reviews where activity has ceased, been regularised, or occurred at limited scale.
Rather than escalating such cases into adversarial enforcement proceedings, CySEC has increasingly opted for negotiated outcomes, especially when cooperation is present and the regulatory issue no longer poses an active risk.
How Does Benor Capital Fit Into the Brokerage Landscape?
Benor Capital Ltd is commonly referenced in public disclosures in connection with the TrioMarkets brand, particularly its non-EU or “Global” operations. Regulatory and legal pages associated with the brand have stated that TrioMarkets name licensed to Benor Capital, with clients onboarded outside the European Union.
Within the wider group structure, EU-facing activities under the TrioMarkets name have historically been linked to a separate Cyprus-regulated entity. This dual-entity setup is widely used in the retail trading sector, allowing firms to serve diverse client segments under distinct regulatory regimes while maintaining a unified brand.
Outside Cyprus, Benor Capital has also been disclosed as holding an investment dealer licence issued by the Financial Services Commission in Mauritius, which supervises non-bank financial services in the jurisdiction.
