FXTM Renounces License And Ceases Operations In Cyprus
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ForexTime (FXTM, a brokerage company owned by Andrey Dashin, has ceased its operations in Cyprus starting on December 31, 2023. The company has also placed a notice on the EU website of FXTM to inform the public. According to the notice, the company ended operations in Cyprus after an “internal management decision.”
The decision may be familiar to those following the activities on FXTM in Cyprus. In February 2021, the company ceased its operations and services to retail clients in the EU. In an email to its customers, FXTM stated earlier that it will still offer its services in the region but only to institutional traders and professional clients. However, this latest development indicates that the company has completely withdrawn from the area.
The Cyprus Securities and Exchange Commission (CySEC) revealed that the operational license it gave to Forextime is still “under investigation for voluntary renunciation of the authorization.” The regulatory registry of CySEC also shows that the company received the license in December 2012.
Alpari And FXTM Serve More Than 2 Million Clients
The Exinity Group is FXTM’s parent company. It controls and manages the company and takes critical board decisions for the company as well. Exinity Group provides retail trading services using the Alpari brand name.
The FXTM and Alpari brand merged with the Exinity Group in 2020 during the Covid-19 pandemic. According to Exinity, the Apari and FXTM brands have over two million clients from different regulated entities. They offer its services to clients in more than 150 countries.
The FXTM brand has operational licenses in Mauritius and the United Kingdom. The Mauritius Financial Services Commission issued a license to Exinity Limited to operate Alpari, while the UK’s Financial Conduct Authority (FCA) currently provides a permit for Exinity.
Exinity To Continue Expanding Its Operations
The Mwali International Services Authority also regulates the Alpari brand. Other regulated entities of the Exinity Group are in the UAE, Kenya, and other jurisdictions.
The decision for Exinity Group to cancel its operations in Cyprus comes when it expands its operations to start offering institutional business.
Also, the Group wants to continue expanding its operations to other jurisdictions, even though it decided to leave Cyprus. It recently added Matthew Wright as the company’s Chief Operating Officer to its board membership.
In a related development, Exinity’s UK unit recently announced a pre-tax profit of £319,251, while it reported a revenue of £1.68 million.
