HYCM Europe halts EU operations and surrenders its CIF license. HYCM Europe has yet to disclose the reason behind this action.

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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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