Cypriot financial regulator CySEC has announced that Retail FX and CFDs brokerage Forextime Ltd has withdrawn its CIF licence, following the company’s decision to expressly renounce it.
Forextime, which operates the FXTM brand, has had a CySEC CIF license since 2012.
FXTM appears to continue to operate out of entities based in Kenya, South Africa and Mauritius. FXTM’s parent company Exinity also holds an FCA licence, although the group appears to do very little business through this entity, with Exinity UK’s latest financials (for 2022) showing revenues of £1.7m. up from £1.8 million the previous year.
Exinity was launched in 2020, as an umbrella that includes the various retail FX/CFD businesses owned by Andrey Dashin, including FXTM and the (also offshore) Alpari Retail FX/CFD brands, and more recently the Nemo investment app and gaming platform Pulse.