CySEC Withdraws License of Forex Broker HYCM

CySEC withdraws license of Forex broker HYCM (Europe) Ltd.’s CIF authorization, citing the company’s voluntary renouncement.

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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.

CySEC Withdraws License of Forex Broker HYCM

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.

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