CySEC Fines TrioMarkets Operator €50,000 Over Compliance Shortfalls

Cyprus financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has announced a €50,000 settlement with EDR Financial Ltd—operator of the online trading brand TrioMarkets—following an investigation into potential regulatory breaches spanning four years.

What Triggered the Fine?

The settlement stems from a review of EDR Financial Ltds operations between 2020 and 2024, focusing on two key areas:

• Organizational Compliance:

CySEC found issues relating to the firms internal governance and operational structure, particularly around its ability to consistently meet the obligations laid out for Cyprus Investment Firms (CIFs). These organizational lapses fell under Article 22(1) of the Investment Services Law, in connection with Articles 17(4) and 17(5), which outline the necessary safeguards and risk management frameworks CIFs must maintain.

• CFD Product Restrictions:

A second area of concern was TrioMarkets‘ approach to offering Contracts for Difference (CFDs) to retail clients. CySEC referenced violations of Article 42 of the EU’s MiFIR regulation and its own Directive DI87-09, which places strict conditions on how high-risk CFD products can be promoted, distributed, or sold to non-professional investors. Specifically, the regulator flagged a failure to comply with provisions requiring brokers to fully inform retail clients of the risks involved and to enforce leverage limits.

Although CySEC did not pursue formal legal proceedings, the €50,000 penalty reflects the seriousness with which it viewed the potential compliance failings. EDR Financial has paid the fine in full, closing the matter with regulators—at least for now.

Who Is Behind TrioMarkets?

TrioMarkets is a CFD brokerage brand primarily targeting EU-based retail clients. It operates under the regulated entity EDR Financial Ltd, which holds a Cyprus Investment Firm license. The firm runs its core operations through the domain triomarkets.eu and is required to meet CySECs full set of investor protection and transparency standards.

According to public corporate records, TrioMarkets was co-founded by Raphael Ghrenassia, a French-Israeli entrepreneur, with his brother David Ghrenassia serving as Chief Financial Officer. Beyond its Cypriot operations, TrioMarkets has also maintained an offshore presence through Triomarkets Capital Ltd in Mauritius—though that entity is not regulated by CySEC and may be subject to different oversight.

On WikiFX, TrioMarkets holds a verified broker profile, with records indicating a regulatory status that should prompt both caution and closer scrutiny from users. While the CySEC license remains valid as of this writing, the fine signals that even licensed firms can fall short of best practices.

What This Means for Traders

Though €50,000 may appear modest in the world of financial penalties, it carries weight in regulatory terms. CySECs settlement reinforces a wider push across Europe to tighten oversight of retail CFD offerings—particularly as high-leverage trading products have come under growing criticism for causing significant losses among inexperienced traders.

For retail investors and forex traders using platforms like TrioMarkets, this development is a reminder to dig deeper. A regulated status is not a guarantee of perfect compliance. Platforms must still meet day-to-day obligations around transparency, risk disclosure, and client protection.

Stay Informed with WikiFX

As always, WikiFX encourages traders to check broker profiles regularly, especially following regulatory actions. The platform provides updated license information, user reviews, and risk indicators to help users make informed decisions. WikiFX will continue to monitor the situation with TrioMarkets and report on any future developments.