F1Markets settled with CySEC last year, paying €150,000.
The broker’s license was previously suspended for compliance violations.
The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the operating license of F1Markets Ltd as the company decided to “expressly renounce it.” Though announced on Thursday, the regulatory board finalized the decision on 5 December 2022.
CySEC License Renounced
With the Cyprus Investment Firm (CIF) license, F1Markets operated multiple forex and contracts for differences (CFDs) retail broker brands: one of the brands being Investous. It has four registered domains with the Cypriot regulator, and the other two, 24CM and EuroPrime, are not accessible anymore.
According to a notice on the broker’s website, the company shuttered its services last May. It closed all the open positions on 19 May 2022 and asked traders to withdraw funds.
“We regret to inform you that our Company has decided to renounce its authorization and therefore, please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to clients,” the notice reads.
Additionally, the F1Markets mentions Straton Markets as one of its brands. However, that website is not registered with CySEC and is not accessible anymore.
A Controversial Broker
F1Markets received its CySEC license in 2015, which allowed it to operate within the European Economic Area (EEA). However, its services were flagged multiple times for compliance lapses, and the company has faced enforcement actions.
The Financial Conduct Authority caught F1Markets and a few other brokers promoting their products in the United Kingdom with fake celebrity endorsements on social media. The complaints from the British watchdog resulted in a temporary suspension of the broker’s license by CySEC, which was returned within a month.
Last August, F1Markets settled with the Cypriot regulator, paying €150,000, for multiple possible violations of local regulations that came with a regulatory assessment of the company’s compliance efforts for the fulfillment of the conditions of its partial suspension and other corrective measures taken between June 2019 and July 2020.
On top of that, CySEC has strengthened its enforcement oversight after the European financial market supervisor raised concerns. Furthermore, it withdrew the license of FF Simple and Smart Trades Investment Services recently, which operated TradoCenter and Toro Invest brokerage brands.
Meanwhile, several other well-known brokers, including Swissquote and Equiti, have also gained licenses from CySEC to strengthen their European operations.
The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the operating license of F1Markets Ltd as the company decided to “expressly renounce it.” Though announced on Thursday, the regulatory board finalized the decision on 5 December 2022.
CySEC License Renounced
With the Cyprus Investment Firm (CIF) license, F1Markets operated multiple forex and contracts for differences (CFDs) retail broker brands: one of the brands being Investous. It has four registered domains with the Cypriot regulator, and the other two, 24CM and EuroPrime, are not accessible anymore.
According to a notice on the broker’s website, the company shuttered its services last May. It closed all the open positions on 19 May 2022 and asked traders to withdraw funds.
“We regret to inform you that our Company has decided to renounce its authorization and therefore, please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to clients,” the notice reads.
Additionally, the F1Markets mentions Straton Markets as one of its brands. However, that website is not registered with CySEC and is not accessible anymore.
A Controversial Broker
F1Markets received its CySEC license in 2015, which allowed it to operate within the European Economic Area (EEA). However, its services were flagged multiple times for compliance lapses, and the company has faced enforcement actions.
The Financial Conduct Authority caught F1Markets and a few other brokers promoting their products in the United Kingdom with fake celebrity endorsements on social media. The complaints from the British watchdog resulted in a temporary suspension of the broker’s license by CySEC, which was returned within a month.
Last August, F1Markets settled with the Cypriot regulator, paying €150,000, for multiple possible violations of local regulations that came with a regulatory assessment of the company’s compliance efforts for the fulfillment of the conditions of its partial suspension and other corrective measures taken between June 2019 and July 2020.
On top of that, CySEC has strengthened its enforcement oversight after the European financial market supervisor raised concerns. Furthermore, it withdrew the license of FF Simple and Smart Trades Investment Services recently, which operated TradoCenter and Toro Invest brokerage brands.
Meanwhile, several other well-known brokers, including Swissquote and Equiti, have also gained licenses from CySEC to strengthen their European operations.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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