The Cyprus Securities and Exchange Commission (CySEC) has announced the revocation of Forextime Ltd's (FXTM) Cyprus Investment Firm (CIF) authorization, effective from May 20, 2024. This decision was made during a meeting held by CySEC on that day.

Revocation of CIF Authorization

According to CySEC's announcement, Forextime Ltd's CIF authorization number 185/12 has been revoked under the Investment Services and Activities and Regulated Markets Law. The reason for the revocation is the company’s voluntary surrender of its CIF authorization, with no involvement of any judicial review or related procedures.

Ceasing Cyprus Entity Operations

As early as December 31, 2023, FXTM had already surrendered its CIF license and ceased operations of its Cyprus entity. This decision has reportedly been announced on FXTM's EU website, accessible only within the EU.

FXTM stopped offering services to EU retail clients back in February 2021, shifting its focus to professional clients and institutional traders in the European Economic Area (EEA). This complete withdrawal from the EU market means that FXTM will no longer conduct any business in the region. According to CySEC, Forextime Ltd's license was under voluntary surrender review, having obtained the CIF license in December 2012.

In 2020, the FXTM and Alpari brands merged under the Exinity Group, serving over two million clients in more than 150 countries and supporting 18 languages. FXTM operates in the UK under the name Exinity UK Ltd and in Mauritius as Exinity Limited, while also managing Alpari International.

Alison Cashmore, Exinity Group's Chief Commercial Officer, stated: "As a group, Exinity focuses on serving clients in fast-growing emerging markets through multiple trading and investment brands. Over the years, we have not targeted European clients through any brand and do not plan to focus on the European market in the future. Therefore, we have decided not to maintain our retail license with CySEC."

She added, "The relinquishment of the CySEC license does not affect our decision to keep an office in Limassol. We will continue to operate from our four global hubs in Limassol, Dubai, London, and Hong Kong, while maintaining several regional business development offices in Asia, Africa, the Middle East, and Latin America."

Conclusion

The revocation of the CIF authorization marks Forextime Ltd's complete exit from the EU market, but the company will continue its business operations in other regions globally. This move reflects its strategic shift in focus towards the development and expansion in emerging markets.