HYCM Europe halts EU operations and surrenders its CIF license. HYCM Europe has yet to disclose the reason behind this action.
HYCM Europe forex broker has formally decided to return its CIF License, after which there will be no provision of services to the EU clients of individuals. This award-winning broker intends not to provide services to new accounts and EU-based individuals.
In addition, the CySEC-regulated broker plans to stop services for existing customers from the region. Even so, the broker has not mentioned specific reasons for the strategic move; however, this low-spread broker has guaranteed users that they will not have any problem withdrawing funds.
Clients needing clarification may contact compliance@hycm.com, but those with complaints may call complaints@hycm.com. However, CySEC acknowledged this incident, saying that HYCM forex broker is considered for the company's mandatory surrender of authorization.
In the latest forex broker news, HYCM Capital Markets (UK) Limited reported a revenue jump of 14% and as much as £1.88 million for the fiscal year ending December 31, 2022. This closure resulted from many factors, including, but not limited to, a sizable spike in "other "operating income" items" that skyrocketed from £5,464 to £697,335 compared to the previous financial year.
Besides, revenue also had an uptick, and this fast-execution broker also experienced difficulties staying profitable. Gross administrative expenses rose sharply, accounting for £2.57 million, 43% higher than the previous figure. This effort was translated into the company's yearly operating profit, approximately £13,088, which was way lower than the £198,050 recorded in the previous year.
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