The Cyprus Securities and Exchange Commission (CySEC)
announced today (Friday) its decision to withdraw the Cyprus Investment Firm (CIF)
authorisation of Forextime Ltd (FXTM), effective from May 20, 2024. This
decision was made during CySEC’s meeting held on the same date.
Forextime Ltd, identified by the Legal Entity Identifier,
has had its CIF authorisation number 185/12 revoked. This action was taken in
accordance with the Investment Services and Activities and Regulated Markets
Law.The withdrawal of the authorisation follows the Company’s decision
to renounce its CIF authorisation. There are no further details provided
regarding any judicial review, as none was applicable or undertaken.
From CySEC
ΑΠΟΦΑΣΗ ΕΚΚ για την ανάκληση της άδειας λειτουργίας ΚΕΠΕΥ της εταιρείας Forextime Ltd
CySEC Decision for the withdrawal of the CIF licence of Forextime Ltdhttps://t.co/f7jSzMdzy2
— CySEC (@CySEC_official) May 24, 2024
Ceasing Operations under Cypriot Entity
Earlier, FXTM
renounced its CIF license and ceased operations under its Cypriot entity as
of December 31, 2023, according to a report by Finance Magnates reported. This
decision was confirmed by a notice on the EU website of FXTM
(forextime.com/eu), accessible only within the EU.
FXTM had already stopped offering services to retail clients
in the EU in February 2021, focusing instead on professional clients and
institutional traders in the EEA region. The latest move signifies a complete
withdrawal from the EU market. According to the CySEC, Forextime Ltd’s license was
under examination for voluntary renunciation. The Cypriot entity obtained the
license in December 2012.
The FXTM and Alpari brands, consolidated under the Exinity
Group in 2020, serve over two million clients in 150 countries and 18
languages. FXTM is licensed in the UK as Exinity UK Ltd and Mauritius as Exinity
Limited, with the latter also operating Alpari International.
“As a group Exinity focuses on providing trading services to
clients in fast growing emerging markets through a number of trading and
investing brands. We haven’t targeted
clients in Europe for a number of years through any of our brands, and we don’t
expect to focus on European audiences as we look forward. As a result we took the decision not to
maintain a retail licence under CYSEC,” said Alison Cashmore, Group Chief
Commercial Officer, Exinity.
“The resignation of our CYSEC licence 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, Middle East and LATAM.”
The Cyprus Securities and Exchange Commission (CySEC)
announced today (Friday) its decision to withdraw the Cyprus Investment Firm (CIF)
authorisation of Forextime Ltd (FXTM), effective from May 20, 2024. This
decision was made during CySEC’s meeting held on the same date.
Forextime Ltd, identified by the Legal Entity Identifier,
has had its CIF authorisation number 185/12 revoked. This action was taken in
accordance with the Investment Services and Activities and Regulated Markets
Law.The withdrawal of the authorisation follows the Company’s decision
to renounce its CIF authorisation. There are no further details provided
regarding any judicial review, as none was applicable or undertaken.
From CySEC
ΑΠΟΦΑΣΗ ΕΚΚ για την ανάκληση της άδειας λειτουργίας ΚΕΠΕΥ της εταιρείας Forextime Ltd
CySEC Decision for the withdrawal of the CIF licence of Forextime Ltdhttps://t.co/f7jSzMdzy2
— CySEC (@CySEC_official) May 24, 2024
Ceasing Operations under Cypriot Entity
Earlier, FXTM
renounced its CIF license and ceased operations under its Cypriot entity as
of December 31, 2023, according to a report by Finance Magnates reported. This
decision was confirmed by a notice on the EU website of FXTM
(forextime.com/eu), accessible only within the EU.
FXTM had already stopped offering services to retail clients
in the EU in February 2021, focusing instead on professional clients and
institutional traders in the EEA region. The latest move signifies a complete
withdrawal from the EU market. According to the CySEC, Forextime Ltd’s license was
under examination for voluntary renunciation. The Cypriot entity obtained the
license in December 2012.
The FXTM and Alpari brands, consolidated under the Exinity
Group in 2020, serve over two million clients in 150 countries and 18
languages. FXTM is licensed in the UK as Exinity UK Ltd and Mauritius as Exinity
Limited, with the latter also operating Alpari International.
“As a group Exinity focuses on providing trading services to
clients in fast growing emerging markets through a number of trading and
investing brands. We haven’t targeted
clients in Europe for a number of years through any of our brands, and we don’t
expect to focus on European audiences as we look forward. As a result we took the decision not to
maintain a retail licence under CYSEC,” said Alison Cashmore, Group Chief
Commercial Officer, Exinity.
“The resignation of our CYSEC licence 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, Middle East and LATAM.”
