No More Cyprus Base: FXTM Drops CySEC License
CySEC has revoked FXTM's authorization following the broker's decision to withdraw from the European Union market and cease its operations in the region.
In the latest development in the forex broker industry, the Cyprus Securities and Exchange Commission (CySEC) has revoked the authorization of the Cyprus Investment Company (CIF) for FXTM forex brokers a>.
This decision was formalized at the CySEC meeting held on May 20, 2024. This revocation follows forex broker FXTM's decision to voluntarily surrender its CIF license, in accordance with the Investment Services and Activities and Regulated Markets Law. CySEC noted that no judicial review was applicable or undertaken in this case.
FXTM, known for its zero-spread offerings, has ceased operations under the Cyprus entity as of 31 December 2023, and has stopped serving EU retail clients in February 2021.
Since the termination, FXTM broker has shifted its focus to serving professional and institutional trading clients in the European Economic Area (EEA).
The decision to withdraw the CIF license is part of the ongoing CySEC review, which includes the voluntary termination of the Cyprus license that FXTM obtained in December 2012.
Despite these regulatory changes, the multi-asset broker assured its clients that its office in Limassol will continue to operate si.
The company's services will be uninterrupted, supported by global hubs located in Limassol, Dubai, London and Hong Kong, as well as several regional business development offices in key markets in Asia, Africa, East Central, and Latin America.
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