Forex broker FXTM exits EU operations and gives up CySEC license, as part of strategic shifts in response to regulatory changes and market dynamics.
Forex broker FXTM, the brokerage brand owned by Andrey Dashin's Exinity Group, has officially ceased operations in the European Union (EU). This Cyprus-based broker renounced its Cyprus Investment Firm (CIF) license, with all services under the Cypriot entity terminated as of December 31, 2023, as per an internal management decision.
This move follows FXTM broker news in February 2021 which discontinued services to retail clients in the EU, limiting operations to professional clients and institutional traders within the European Economic Area (EEA). However, the recent development indicates a complete withdrawal from the EU market.
The Cyprus Securities and Exchange Commission (CySEC) is currently examining the voluntary renunciation of authorization for Forextime Ltd, which obtained its license in December 2012. This Metatrader-only broker's broader presence includes licenses in the United Kingdom and Mauritius, with Exinity Group serving over two million clients globally.
Forex broker FXTM trading industry empire extends to various jurisdictions, including the UK, Mauritius, Kenya, the UAE, and others. Last year, Exinity Group expanded into an institutional business with liquidity solutions and welcomed Matthew Wright as Chief Operating Officer.
Despite the exit from EU retail services, the UK unit, catering exclusively to professional and institutional traders, reported a marginal decline in revenue but a substantial 1.802% increase in pre-tax profits to £319,251.