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CySEC Issues Key Rulings on Investment Firm Fines and Fund Liquidation

The Cyprus Securities and Exchange Commission (CySEC) recently announced pivotal regulatory actions reflecting its steadfast stance on maintaining compliance standards in the financial sector.

Fine Imposed on iTrade Global (CY) Ltd

During its February 2025 meeting, the CySEC Board decided to impose an administrative fine of €1,250 on the Cyprus Investment Firm, iTrade Global (CY) Ltd. This decision followed findings of non-compliance with Directive 157/2019, which targets the Prevention and Suppression of Money Laundering and Terrorist Financing.

Liquidation of WAVENTURES RAIF F.C.I.C. PLC

Separately, CySEC was informed of the initiation of the dissolution procedure for WAVENTURES RAIF F.C.I.C. PLC, managed by Hanseatic Capital Management Ltd. This fund, registered under the RAIF154 designation, will remain listed in the RAIFs Registry as ‘under liquidation’ until the process is finalized.

Industry Implications

The latest updates from CySEC emphasize the need for robust compliance frameworks.

As Cyprus continues to align with broader European directives, the island’s financial landscape is poised for transformative changes.

Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.

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