FXTM has voluntarily surrendered its CySEC license
FXTM has voluntarily surrendered its CySEC license
Broker FXTM (Forextime) is leaving the Cypriot market due to a change in the company's strategy. The company has withdrawn its application for a license from the Cyprus Securities and Exchange Commission (CySEC).
FXTM was operating under a CySEC license (No. 185/12) granted in 2012. Now, on the regulator's website, the license has the status of "voluntary renunciation". This means that Forextime Ltd., known under the FXTM brand and offering forex and CFD trading services, has voluntarily surrendered its CySEC license as part of its new business strategy.
The move reflects a shift in focus for Forextime, which is now concentrating on markets outside of Cyprus, with Kenya, South Africa, and Mauritius becoming its key markets.
FXTM's parent company, Exinity, is also licensed by the UK's Financial Conduct Authority (FCA). However, Exinity's UK operations have not been very active, with revenues remaining low in 2022. The company posted a profit of £1.7 million, down from £1.8 million the previous year.
Exinity, founded in 2020, is a company that oversees several online currency and CFD trading businesses owned by Andrey Dashin. These include FXTM, other overseas forex and CFD brands, Alpari Retail FX/CFD, as well as the Nemo investment app and Pulse gaming platform. This diverse portfolio reflects Exinity's efforts to expand its presence in the financial markets.
The withdrawal of the CySEC license marks a significant change for Forextime Ltd., which has enjoyed the benefits of Cypriot regulation for over a decade. This decision is in line with a growing trend in the industry for companies to consider different regulations that better suit their business objectives and target markets.
As Forextime Ltd. adapts to changing regulations and market demands, its restructuring underscores the ever-changing nature of the online forex and CFD industry. The company's multi-jurisdictional presence underscores its commitment to maintaining a strong international presence.
