The Cyprus Securities and Exchange Commission (CySEC) announced today (Friday) its decision to withdraw the Cyprus Investment Firm (CIF) license for Forextime Ltd (FXTM), effective 20 May 2024. This decision was taken during the CySEC meeting held on 20 May 2024. .same date.
The license of CIF No. 185/12 of Forextime Ltd, identified by LEI, has been cancelled. This action was taken in accordance with the Law on Investment Services, Activities and Regulated Markets. The withdrawal of the license comes after the company’s decision to give up its CIF licence. There are no further details regarding any judicial review, as none has been implemented or conducted.
From CySEC
Decision of the CEC on the cancellation of the CIF operating license of Forextime Ltd
CySEC decision to withdraw Forextime Ltd's CIF licensehttps://t.co/f7jSzMdzy2
— CySEC (@CySEC_official) May 24, 2024
Cessation of operations under the Cypriot entity
Earlier, FXTM relinquished its CIF license and ceased operations under its Cyprus entity effective December 31, 2023, according to a report by Finance Magnates. This decision was confirmed by a notice on FXTM's European Union website (forextime.com/eu), which is only accessible within the European Union.
FXTM actually stopped providing services to retail clients in the EU in February 2021, focusing instead on professional clients and institutional traders in the EEA region. The latest step represents a complete withdrawal from the European Union market. According to the Cyprus Securities and Exchange Commission (CySEC), Forextime Ltd's license was under examination for voluntary surrender. The Cypriot entity obtained the license in December 2012.
The FXTM and Alpari brands, which were combined into the Exinity Group in 2020, serve more than 2 million clients in 150 countries and 18 languages. FXTM is licensed in the United Kingdom as Exinity UK Ltd and in Mauritius as Exinity Limited, the latter also operating Alpari International.
“Exinity Group is focused on providing trading services to clients in fast-growing emerging markets through a number of trading and investment brands. We have not targeted clients in Europe for a number of years through any of our brands, and do not expect to focus on European audiences as we look forward,” she said. Alison Cashmore, Group Chief Commercial Officer at Exinity: “As a result, we have taken the decision not to hold a retail license under CYSEC.”
“The resignation of our CYSEC license does not impact our decision to maintain an office in Limassol. We will continue to operate from our four global hubs in Limassol, Dubai, London and Hong Kong, as well as a number of regional business development offices across Asia, Africa, the Middle East and Latin America.
The Cyprus Securities and Exchange Commission (CySEC) announced today (Friday) its decision to withdraw the Cyprus Investment Firm (CIF) license for Forextime Ltd (FXTM), effective 20 May 2024. This decision was taken during the CySEC meeting held on 20 May 2024. .same date.
The license of CIF No. 185/12 of Forextime Ltd, identified by LEI, has been cancelled. This action was taken in accordance with the Law on Investment Services, Activities and Regulated Markets. The withdrawal of the license comes after the company’s decision to give up its CIF licence. There are no further details regarding any judicial review, as none has been implemented or conducted.
From CySEC
Decision of the CEC on the cancellation of the CIF operating license of Forextime Ltd
CySEC decision to withdraw Forextime Ltd's CIF licensehttps://t.co/f7jSzMdzy2
— CySEC (@CySEC_official) May 24, 2024
Cessation of operations under the Cypriot entity
Earlier, FXTM relinquished its CIF license and ceased operations under its Cyprus entity effective December 31, 2023, according to a report by Finance Magnates. This decision was confirmed by a notice on FXTM's European Union website (forextime.com/eu), which is only accessible within the European Union.
FXTM actually stopped providing services to retail clients in the EU in February 2021, focusing instead on professional clients and institutional traders in the EEA region. The latest step represents a complete withdrawal from the European Union market. According to the Cyprus Securities and Exchange Commission (CySEC), Forextime Ltd's license was under examination for voluntary surrender. The Cypriot entity obtained the license in December 2012.
The FXTM and Alpari brands, which were combined into the Exinity Group in 2020, serve more than 2 million clients in 150 countries and 18 languages. FXTM is licensed in the United Kingdom as Exinity UK Ltd and in Mauritius as Exinity Limited, the latter also operating Alpari International.
“Exinity Group is focused on providing trading services to clients in fast-growing emerging markets through a number of trading and investment brands. We have not targeted clients in Europe for a number of years through any of our brands, and do not expect to focus on European audiences as we look forward. As a result Therefore, we have taken the decision not to retain our retail license under CYSEC,” said Alison Cashmore, Group Chief Commercial Officer, Exinity.
“The resignation of our CYSEC license does not impact our decision to maintain an office in Limassol. We will continue to operate from our four global hubs in Limassol, Dubai, London and Hong Kong, as well as a number of regional business development offices across Asia, Africa, the Middle East and Latin America.