HYCM Europe Voluntarily Surrenders CIF License and Ceases Services for EU Clients

HYCM (Europe), the European subsidiary of multi-regulated FX and CFD provider HYCM, is voluntarily surrendering its Cyprus Investment Firm (CIF) license.

HYCM (Europe) announced in a statement on the company's website that it will no longer accept new clients or open new accounts for individuals from EU countries. In addition, the European operations will terminate services for all existing clients in the region.

The statement from HYCM (Europe) reads as follows: "We would like to inform you that HYCM (Europe) Limited (the Company) hereby notifies you that it is in the process of voluntarily renouncing its CIF License with authorization number 259/14. 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 fund's return."

HYCM (Europe) was licensed as a CIF in November 2014. The Cyprus Securities and Exchange Commission (CySEC)’s database shows that the European entity is currently "under examination for voluntary renunciation of the authorization".

Last month, it was reported that ownership of HYCM was changing hands, to be acquired by its group's longstanding senior managers Roger Bach and Stavros Lambouris. Roger Bach has been serving as Director and CEO of HYCM's UK subsidiary since 2005, while Stavros Lambouris has been with HYCM since 2007 (excluding a brief stint at a rival broker in 2010-2011) and has been serving as CEO of the group's Cyprus operations since 2014.

It is unclear whether the decision to surrender the CIF license was related to the management change, and specific details have not been disclosed.