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CySEC Announces Extension of Effective Date of Suspension Measures Related to Triumph FX Shareholder

2024-07-10 BrokersView

The Cyprus Securities and Exchange Commission (CySEC) previously released an announcement dated 21 December 2023 regarding its decision to take the following measures in respect of the company Shine Trades (CY) Limited, formerly known as Triumph Int. (Cyprus) Ltd: 


1. To suspend the exercise of the voting rights attached to the shares of the Company, held by Mr. Chong Chun Hseung (UBO), through CCH Triumph Cyprus Trust (the sole direct shareholder of the Company), and constitute the entirety of the Company’s share capital until the below references are removed from the investor alert lists of the competent authorities in Singapore and Malaysia. 


  • Trade name of the Company: Triumph FX 
  • Approved website of the Company: 
  • Website of Triumph Int. (SC) Ltd: 
  • Company Triumph Int. Ltd 


2. To prohibit the executive directors, Mr. Christoforos Christoforou and Mr. Joel Prakash Benedict, from performing management duties on the Board of Directors of the Company, for a period of two years or until the references as the point 1, are removed from the investor alert lists of the competent authorities in Singapore and Malaysia, whichever occurs first.


Shine Trades (CY) Limited operates the TriumphFX retail forex and CFD brokerage brand via the website The group also operates the offshore (Seychelles) website, under the same TriumphFX brand.


CySEC announced its new Board decision on July 9, 2024, following two announcements extending the entry into force of these measures, informing the public that, at its meeting held on the 1st of July 2024, decided to grant an additional extension of six months to the entry into force of the said measures.