The Cyprus Securities and Exchange Commission (CySEC) has announced today (Wednesday) the withdrawal of IFCM Cyprus Ltd's Cyprus Investment Firm (CIF) license. The decision was made during a meeting held on October 30, 2024.

IFCM Cyprus Renounces CIF License

According to CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, the company voluntarily chose to renounce its CIF authorization. This type of license is required to operate as a regulated investment firm in Cyprus, allowing companies to provide financial and investment services within the country and across the European Economic Area.

The withdrawal follows the company’s formal request, signalling its decision to cease operating under CySEC’s regulatory framework. According to the regulator, no judicial reviews or further rulings were associated with this case.

Finance Magnates reached out to IFCM Cyprus for comment, but the firm has not responded as of the time of writing.

Earlier, CySEC announced the withdrawal of Cyprus Investment Firm (CIF) authorizations. On November 11, 2024, CySEC revoked the CIF authorization of Arumpro Capital Ltd after the company explicitly renounced its authorization.

Similarly, on November 4, 2024, CySEC withdrew the CIF authorization of Greenpost Trading Europe Ltd, following the company’s decision to renounce its authorization.

Additionally, CySEC removed AMP Global Ltd's membership from the Investors Compensation Fund (ICF) after the company withdrew its CIF authorizations, as reported by Finance Magnates.

CySEC Begins Accepting CASP Licence Applications

Meanwhile, CySEC has announced that it is now accepting Crypto Asset Service Provider (CASP) licence applications for preliminary assessment under the forthcoming Markets in Crypto-Assets Regulation (MiCA). This decision precedes the full implementation of MiCA across the European Economic Area, which will take effect on December 30, 2024.

“This initiative is designed to ensure a smooth transition to MiCAR which represents a major step forward for the protection of investors in financial markets” said the CySEC Chairman, Dr George Theocharides.

CySEC also clarified that it cannot guarantee approval of the CASP licence before the EU deadline. However, it may prioritize applications and notifications from entities already registered in Cyprus.