CySEC Revokes License of Viverno Markets Following Extended Inactivity

Viverno Markets, formerly known as BDSwiss Holding Ltd, has lost its CIF authorization. CySEC requires the company to notify clients, return assets, and maintain operational offices until all obligations are met.

The Cyprus Securities and Exchange Commission (CySEC) has formally withdrawn the Cyprus Investment Firm (CIF) license held by Viverno Markets Ltd, a company previously known by names such as BDSwiss Holding Ltd, Keplero Holdings Ltd, and BDSwiss Holding Plc. The decision, published on May 9, 2025, comes after the regulator found that the firm had not provided investment services or conducted investment activity for a continuous period exceeding six months, specifically since January 1, 2024.

This prolonged inactivity breached the provisions of applicable financial regulations, prompting CySEC to suspend the company‘s license on October 24, 2024. After further review and no evidence of resumed operations, the license has now been officially withdrawn. The case illustrates CySEC’s commitment to regulatory enforcement and ensuring that only active and compliant entities maintain authorization to operate in the Cyprus financial services sector.

As a consequence of the withdrawal, Viverno Markets Ltd is now legally obligated to fulfill several post-revocation responsibilities to protect clients interests and complete all pending obligations. These responsibilities include:

• Public Notification: Viverno must publish a clear announcement on all its official websites, informing the public of the license withdrawal. The announcement must also outline the procedure for clients to recover their funds and financial instruments, complete pending transactions, and file any outstanding complaints.
• Direct Client Communication: Every affected client must be individually informed via the same communication method previously used by the company. This includes email, postal mail, or platform messages, in line with Section 3 of Regulation (EU) 2017/565.
• Fund and Asset Return: The company is required to return all client funds and financial instruments, including any unrealized gains or profits, in a timely and transparent manner.
• Complaint Resolution: Viverno Markets must examine and resolve all submitted customer complaints without delay, ensuring that no claim is left unanswered.
• Cessation of Services: Effective immediately, the company must halt all investment and ancillary service activities. It is not permitted to advertise, market, or deliver any such services going forward.
• Maintenance of Operations: Despite the license revocation, Viverno must maintain fully operational offices and support channels to handle all closure-related tasks until regulatory obligations are completed.

CySECs action underscores the importance of maintaining active compliance with investment service laws. Companies holding CIF licenses are expected to engage consistently in investment activities or risk losing their authorization. The enforcement also sends a strong message to the industry: dormant licenses will not be tolerated, especially where client interests are at stake.

While Viverno Markets is no longer licensed, clients are still end to claim their assets and file complaints if necessary. CySEC has reminded the public to always verify the licensing status of any firm through its official online registry before investing or engaging in financial services.