Key Insights
- CySEC has withdrawn the Cyprus Investment Firm authorization of Forextime Ltd.
- The withdrawal comes at the express request of Forextime Ltd to renounce its license.
- CySEC did not provide further details on the reasons behind Forextime’s decision.
NICOSIA (MarketsXplora) – Cyprus’s financial watchdog said on Friday it has withdrawn the Cyprus Investment Firm authorization of Forextime Ltd, after the retail forex broker voluntarily renounced its license.
In a statement, the Cyprus Securities and Exchange Commission (CySEC) said it made the decision to cancel Forextime’s license, with the number 185/12, during a meeting on May 20th.
The license withdrawal comes at Forextime’s express request to relinquish its authorization under Cyprus’s laws governing investment services, the regulator added.
No further details were provided by CySEC on the specific reasons behind Forextime’s decision.
The move leaves the forex and CFDs trading brand, which operated under the domain https://www.forextimeeu.com, no longer authorized to provide investment services in or from Cyprus.
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CySEC is one of the foremost regulators in the European Union for licensing retail brokers offering forex, shares, cryptocurrencies and other derivative instruments.
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