CySEC Announces Withdrawal of HYCM's CIF Authorization

The Cyprus Securities and Exchange Commission (CySEC) announced its decision to withdraw the Cyprus Investment Firm (CIF) authorization with Number 259/14 of forex broker HYCM (Europe) Ltd. 

The revocation of the license was based on HYCM’s decision to expressly renounce its CIF authorization. CySEC made the decision at its meeting on 10th June 2024, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05.

source: CySEC

Meanwhile, HYCM issued a notice regarding the abandonment of the CIF license. The notice states, “Therefore, the Company will no longer accept any new EU based clients and/or the opening of any new EU based accounts while it is in the process of terminating all its existing EU based clients and informing them about the procedure that should be followed for their funds return.”