CySEC Withdraws CIF License from IFCM Cyprus Ltd
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Cyprus Securities and Exchange Commission (CySEC) recently announced that it has withdrawn the Cyprus Investment Firm (CIF) license from IFCM Cyprus Ltd. This decision was made during a meeting on October 30, 2024.
According to CySEC, the company chose to give up its CIF license on its own. This license is needed to work as a regulated investment firm in Cyprus and offer financial services in Cyprus and across the European Economic Area.
CySEC Takes Action On License Withdrawals
The decision to withdraw the license follows IFCM Cyprus’s official request. The company made it clear that it no longer wanted to operate under CySEC’s rules. CySEC said there were no legal reviews or new decisions connected to this matter. The company has not replied as of the time of writing.
This announcement comes after other similar decisions by CySEC. On November 11, 2024, CySEC also took away the CIF license from Arumpro Capital Ltd after the company gave up its license. Before that, on November 4, 2024, CySEC removed Greenpost Trading Europe Ltd’s CIF license after the company also decided to give up its license.
CySEC also took another step. The agency revealed that it removed AMP Global Ltd’s membership from the Investors Compensation Fund (ICF) after the company withdrew its CIF license. This decision was made because AMP Global Ltd chose to stop operating under the CIF license.
At the same time, CySEC shared news about a new plan. The agency revealed that it is now accepting applications for a Crypto Asset Service Provider (CASP) license.
CySEC Prepares For MiCA With New CASP License Process
This license is part of the new Markets in Crypto-Assets Regulation (MiCA) that will be fully enforced across the European Economic Area on December 30, 2024. The goal of this new process is to help companies adjust to the new rules before they officially begin.
CySEC Chairman, Dr. George Theocharides, said that the move is meant to help investors in financial markets by providing better protection.
He added that the plan is a big step forward in ensuring that investors are safe. He also stated that while CySEC cannot promise that CASP license approvals will happen before the deadline, it might prioritize companies that are already registered in Cyprus.
CySEC, also known as the Cyprus Securities and Exchange Commission, is the main financial regulatory agency in Cyprus.
Since Cyprus is a member of the European Union, CySEC follows the rules of the EU’s MiFID financial laws. Many foreign retail forex brokers have chosen CySEC for registration, and before 2018, it was popular for regulating binary options brokers.
