After witnessing a decline in 2023, in latest forex broker news, it is reported that forex broker FXTM has bid farewell to the Financial Commission after closing its branch in the Union Europe/EEA. This move follows FXTM's previous decision to relinquish its CIF license, regulated by CySEC, which was due to expire at the close of 2023.

Exinity, the parent company of FXTM, led by Andrey Dashin, chose to stop servicing retail customers in Europe in February 2021. This strategic move aims tofocus on B2B operations and exploring alternative markets.

The zero spread broker's exit from the Financial Commission is in line with the trend of withdrawing from the EU/EEA region due to internal strategic shifts. Effective January 27, 2024, the broker's exit signals its inability to address new complaints.

Prior to these changes, FXTM membership gave clients the benefit of free arbitration for complaints up to €20,000, along with access to the Commission's services for dispute resolution, all supported by the Compensation Fund.

While the Financial Commission expands its membership, expanding into services for crypto and blockchain startups, the departure of forex broker FXTM highlights the evolving landscape in the forex industry and changes in broker strategy.

As clients withdrawing funds from these multi-asset brokers move forward, they may need to explore alternative avenues for dispute resolution and reimbursement .