CySEC Withdraws HYCM License Amid Management Buyout

BySamson Ononeme

Jun 18, 2024 ,
Cyprus regulator CySEC withdraws HYCM (Europe) Ltd's license as the forex broker undergoes a management buyout.

Key Insights

  • CySEC withdraws HYCM (Europe) Ltd’s Cyprus Investment Firm authorization following the company’s voluntary renunciation.
  • HYCM is undergoing a management buyout led by longtime executives Roger Bach and Stavros Lambouris.
  • The buyout and license withdrawal signal potential changes in HYCM’s operational strategy and market positioning.

NICOSIA (MarketsXplora) – The Cyprus Securities and Exchange Commission (CySEC) announced on Friday the withdrawal of the Cyprus Investment Firm (CIF) authorization for HYCM (Europe) Ltd, following the company’s voluntary renunciation of its license.

The decision, made during CySEC’s June 10 meeting, aligns with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05.

HYCM, a Forex and CFD broker, previously operated through the domains www.hycm.eu, https://help.hycm.com, and www.henyep.com.

Read also! CySEC Withdraws FXTM CIF License

This development comes amid a management buyout of the HYCM brand, currently in progress. Roger Bach, CEO of the FCA-regulated HYCM Capital Markets (UK) Limited since 2005, and Stavros Lambouris, CEO of HYCM’s EU and international businesses since 2014, are set to acquire control of the company.

The brokerage, formerly known as Henyep and HY Markets, rebranded as HYCM in 2016. It operates through various licensed subsidiaries in the UK, Cyprus, UAE-Dubai DIFC, and the Cayman Islands. The parent company, Hong Kong-based Henyep Group, is controlled by Chinese businessman Sheen Charm Chiu.

Regulatory approvals for the change of control are being finalized across HYCM’s operating jurisdictions.

In an exclusive statement to MarketsXplora, Stavros Lambouris expressed enthusiasm about the buyout, emphasizing their commitment to innovation, client relationships, and professional standards.

Roger Bach added,

“We would like to extend our gratitude to Henyep for their co-operation throughout the buyout process. The transition of ownership was conducted smoothly, and both parties look forward to maintaining a positive working relationship in the future.”

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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