In the latest forex broker news this time, the forex broker FXTM, under the auspices of Exinity Andrey Dashin's group has officially closed its operations in the European Union (EU). The Cyprus-based broker took a significant step by relinquishing its Cyprus Investment Firm (CIF) license, effectivelyclosing all services under the Cyprus entity on December 31, 2023, based on an internal management decision.
This decision follows forex broker FXTM's previous update in February 2021, where services for retail clients in the European Union were suspended, limiting operations to professional clients and institutional traders in the European Economic Area (EEA). This latest move indicates a complete withdrawal from the EU market.
Currently, the Cyprus Securities and Exchange Commission (CySEC) is examining the voluntary waiver of authorization for Forextime Ltd, which obtained its license in December 2012. Meanwhile the trail of This exclusive Metatrader broker has expanded with licenses in the UK and Mauritius, through the Exinity Group and has served two million global clients.
The FXTM trading industry empire spans multiple jurisdictions, including the UK, Mauritius, Kenya, the United Arab Emirates, and others. Last year, Exinity Group expanded its business horizons to institutional businesses with liquidity solutions and welcomed Matthew Wright as Chief Operating Officer.
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Despite withdrawing from EU retail services, the UK unit, which exclusively serves professional and institutional traders, reported a slight weakness in revenue but a 1,802% jump in pre-tax profit, of £319,251. In fact, in 2023, the FXTM forex broker experienced a decrease in income to £1.68 million .