HYCM, a provider of online foreign exchange (FX) and contracts-for-difference (CFDs) services, formally known as HY Markets, has had its Cyprus-based entity secure CySEC regulatory status, part of the group’s efforts to position itself in a new market bloc.
Presently, HYCM is an FCA-regulated provider of capital markets trading – its Cyprus-based entity HYCM Europe is now fully licensed and regulated by CySEC, which helps the group move forward with a broader European strategy and bid to increase its market penetration on the continent.
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The new license with CySEC is important for HYCM, which can now expand its footprint in the European Union, having already solidified its presence in such markets as Asia, the Middle East, and the United Kingdom.
According to Stavros Lambouris, Chief Executive Officer of HYCM Europe, in a statement on the licensing: “The CySEC authorisation marks a milestone in our history as part of our plans to expand our global operations. We now have a gateway to the European market, affirming our commitment to our European clients whilst rubber-stamping the company’s position as a global leader.”