FXTM EU OPERATIONS

FXTM Exit from EU Operations, Surrenders CySEC License

Forex broker FXTM has officially terminated its operations in the European Union (EU), withdrawing from the market as part of strategic shifts in response to regulatory changes and evolving market dynamics. The decision involved relinquishing its Cyprus Investment Firm (CIF) license, marking the end of all services under its Cypriot entity as of December 31, 2023.

The move follows a series of adjustments made by FXTM in February 2021, where the broker limited its services to professional clients and institutional traders within the European Economic Area (EEA), discontinuing services to retail clients. However, the recent development signifies a complete withdrawal from the EU market, reflecting the company’s commitment to adapt to the evolving regulatory landscape.

FXTM Announces Exit from EU Operations, Surrenders CySEC License

The Cyprus Securities and Exchange Commission (CySEC) is currently reviewing the voluntary renunciation of authorization for Forextime Ltd, the entity that secured its license in December 2012. FXTM, known for its Metatrader-only platform, maintains a broader global presence with licenses in the United Kingdom and Mauritius, serving over two million clients worldwide.

Despite the exit from EU retail services, FXTM’s UK unit, which exclusively caters to professional and institutional traders, reported a marginal decline in revenue. However, the unit showcased a substantial 1,802% increase in pre-tax profits, reaching £319,251. This indicates a strategic focus on serving a specific clientele in the UK market.

FXTM’s trading empire extends beyond the EU, with a presence in various jurisdictions, including the United Kingdom, Mauritius, Kenya, the UAE, and others. Last year, the Exinity Group, the parent company of FXTM, expanded its portfolio into the institutional business, offering liquidity solutions. The company also appointed Matthew Wright as the Chief Operating Officer, further solidifying its commitment to growth and innovation in the financial services industry.

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