ForexTime(FXTM) Ends Services in Europe and Renounces CySEC License

Effective Termination of Services in Europe

ForexTime (FXTM), led by Andrey Dashin, has formally stopped brokerage activities in Europe on December 31, 2023. This decision, as confirmed by a notice on the EU website, marks a significant change in the company's strategic orientation. According to the company's internal management, the decision means the termination of activities under the Cypriot entity in the European Union (EU).

Background of Service Modifications

Previously, in February 2021, FXTM had discontinued services to retail customers in the EU. The business had informed its retail consumers that it intended to concentrate primarily on professional clients and institutional traders in the European Economic Area (EEA). The most recent step, however, represents a total withdrawal of services from the EU market.

Regulatory Status Update

The Cyprus Securities and Exchange Commission (CySEC) regulatory registry currently lists ForexTime Ltd's license as “under examination for voluntary renunciation of the authorization.” This license was originally acquired in December 2012, laying the foundation for FXTM's operations in Europe.

Andrey Dashin's Broader Operations

ForexTime (FXTM) is an important element of the wider Exinity Group, which also owns the well-known Alpari brand. Since 2020, these trade brands have been unified under the Affinity Group, serving over two million customers in 150 countries and delivering services in 18 languages.

Global Licensing and Expansion

The FXTM brand holds licenses in the United Kingdom and Mauritius. Exinity UK Ltd is regulated by the UK's Financial Conduct Authority, and Exinity Limited is licensed by Mauritius' Financial Services Commission, overseeing Alpari International operations. Additionally, Alpari (Comoros) Ltd is regulated by the Mwali International Services Authority. Dashin's global presence extends to regulated entities in Kenya, the UAE, and other jurisdictions.

Recent Developments and Financial Performance

In a strategic move, Exinity Group expanded its offerings to include institutional business with liquidity solutions. The appointment of Matthew Wright as Chief Operating Officer in September underscores this expansion. The UK unit of FXTM, focusing on professional and institutional traders, reported a significant increase in pre-tax profits, despite a slight decline in revenue.

About ForexTime (FXTM) and Regulatory Compliance

ForexTime (FXTM) is a well-known brokerage brand that provides a wide range of trading services. Originally licensed in Cyprus, the company has maintained a high regulatory compliance record while adapting to numerous foreign norms. Its decision to leave the European market and resign its CySEC license represents a strategy realignment, with a focus on other worldwide markets where it has licenses and conforms with local legislation.

In Conclusion

FXTM's withdrawal from the EU market and relinquishment of its CySEC license marks a significant turn in its operational strategy. This decision aligns with the company's broader vision under Andrey Dashin's leadership, as FXTM continues to evolve and adapt to the dynamic global trading landscape.