The Cyprus Securities and Exchange Commission (CySEC) has recently announced an extension of six months to the suspension of voting rights associated with shares of Shine Trades (CY) Limited, which was formerly known as Triumph Int. Cyprus Ltd. This decision was made during a meeting held on February 10, 2025.
Shine Trades, which currently operates under the brand name ShineTrades, was previously known for its operation of TriumphFX, a retail Forex and CFDs brokerage. The sole direct shareholder of the company is affiliated with it through CCH Triumph Cyprus Trust.
The regulatory authority has indicated that this suspension will remain in place until certain references are removed from the alert lists of regulatory authorities in both Singapore and Malaysia. These references include the trade name Triumph FX, the approved website https://www.triumphfx.com, the website of Triumph Int. (SC) Ltd (www.tfxi.com), and the company Triumph Int. Ltd.
Moreover, CySEC has also decided to prohibit the company’s executive directors from carrying out management tasks on the Board of Directors. This includes Christoforos Christoforou and Joel Prakash Benedict, illustrating the ongoing regulatory scrutiny surrounding the company.
The measures against the shareholder and the executive directors were initially implemented in 2023 as part of CySEC’s regulatory actions.