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.

CIF Authorisation Withdrawn

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.

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.”