FXTM Halts Cyprus Operations As It Renounces CIF License
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ForexTime (FXTM) has renounced its Cyprus Investment Firm (CIF) license. The brokerage company has also announced that it will cease all operations starting December 31, 2023.
FXTM has already confirmed this decision on its EU website, forextime.com/eu, saying it will also halt operations under its Cypriot entity. The company said the license was renounced after a decision by the internal management.
FXTM Ceases Operations under Cypriot Entity
FXTM had initially suspended services to retail clients in the EU in February 2021. It sent an earlier email to retail clients explaining that it will offer services in the EEA region to target professional clients and institutional investors.
By renouncing the license offered by the Cyprus Securities and Exchange Commission (CySEC) and halting operations in Cyprus, FXTM has hinted at ceasing all operations in the EU. The brokerage company will now operate in other markets with regulatory approval.
The CySEC registry indicates that the regulator has already received a request to renounce the license. The registry says the FXTM CIF license is under review after “voluntary renunciation of the authorization.”
FXTM obtained the CIF license in December 2012. The company has changed from its consolidation under the Exinity Group in 2020. According to Exinity, FXTM and Alpari Brand have more than two million clients and multiple regulatory approvals.
FXTM Has Multiple Regulatory Approvals
FXTM is a giant brokerage brand under Andrey Dashin. The brand has licenses in Mauritius and the United Kingdom.
The Exinity UK Ltd brand is regulated by the Financial Conduct Authority (FCA). On the other hand, Exinity Limited is regulated by Mauritius’ financial market regulator, the Financial Services Commission.
Another entity under Dashin’s empire, Alpari (Comoros) Ltd, is regulated by the Mwali International Services Authority. The other financial entities under this brand are regulated in Kenya, UAE, and other countries.
In 2023, the Exinity Group announced it would expand the list of supported services beyond the retail industry. At the time, it ventured into institutional trading by offering liquidity solutions. The group also appointed Matthew Wright as the new Chief Operating Officer.
The UK unit of the company has been performing well. Its popularity has seen several clone firms sprout up. The UK unit exclusively offers services to professional and institutional traders. It reported an over 1,000% increase in pre-tax profits to £319,251.
