CySEC withdraws license of Forex broker HYCM (Europe) Ltd.’s CIF authorization, citing the company’s voluntary renouncement.
CySEC withdraws license of Forex broker HYCM (Europe) Ltd.’s CIF authorization, citing the company’s voluntary renouncement.
CySEC withdraws license of Forex broker HYCM (Europe) Ltd.’s CIF authorization, citing the company’s voluntary renouncement. The move affects HYCM’s Forex and CFD trading operations and highlights CySEC’s regulatory oversight in financial markets.
The Cyprus Securities and Exchange Commission (CySEC) has taken decisive action against HYCM (Europe) Ltd., a prominent player in the Forex and CFD trading industry. In an official statement released today, CySEC announced the withdrawal of HYCM’s Cyprus Investment Firm (CIF) authorization.
This regulatory move follows CySEC’s decision, made during its meeting on June 10, 2024, to enforce section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017, along with section 4(7) of Directive DI87-05. These provisions empower CySEC to withdraw authorization when a company explicitly renounces its license.
HYCM, known for its operations through domains, has built a significant presence in the Forex and Contract for Difference (CFD) markets. The withdrawal of its CIF authorization marks a significant development in CySEC’s regulatory oversight efforts within the financial services sector.
CySEC withdrew HYCM’s license because the company voluntarily renounced its CIF authorization. This decision underscores CySEC’s commitment to maintaining the integrity and stability of Cyprus’ financial markets while ensuring investor protection and regulatory compliance.
How this withdrawal will impact HYCM’s clients and business operations remains a mystery. CySEC has advised affected parties to follow official updates and directives regarding this regulatory action’s next steps and potential implications.
Stakeholders concerned about further information and updates are encouraged to refer to CySEC’s official announcements and regulatory guidance.
Also, Stay Updated With The Latest Broker News.
Established in 2016, Blueberry Markets is an Australia-based broker that specializes in forex and CFD trading while being overseen by regulatory bodies ASIC. The broker provides traders globally with MetaTrader 4 and MetaTrader 5 trading platform options.
XM is a global online broker that specializes in Forex and CFD trading. Headquartered in Cyprus, the company operates under the regulation of CySEC. It offers traders the opportunity to trade various financial instruments, including forex pairs, commodities, indices, and stocks.
eToro is a regulated online brokerage that offers trading of a wide range of trading instruments, including over 3,000 tradeable symbols, including CFDs, forex pairs, and exchange-traded securities, which can be traded through their eToro Investment Platform.
Please drop your email below to get daily updates about what we do
FX Broker Tester is your guide to uncovering dependable Broker partners perfectly aligned with your needs in the financial markets. Identify the ideal match by exploring the meticulous evaluation conducted by our team of seasoned analysts. Via our platform, you gain entry to comprehensive broker reviews, rankings, detailed comparisons, the latest broker news, and a calendar of worldwide Forex events.
