FNG has learned that Retail FX and CFDs broker ICM.com has applied to cancel the FCA license of its UK subsidiary, London-based ICM Capital Limited.
The application was submitted on May 15, but the firm still needs to meet the FCA’s standards in dealing with its customers. ICM Capital Limited has been licensed by the FCA since 2010.
ICM.com UK has yet to release its financials for 2023. However, in 2022 the company posted a net loss of £1m, with virtually zero revenue. We exclusively reported at the time that ICM.com UK had decided to withdraw from the retail business and focus solely on business customers, although it appears the company did very little of that. Customer money held by ICM.com UK fell at the end of 2022 to just £530,791, down from £4.27m in 2021 and £6.09m the previous year.
In 2017 alone, ICM.com UK (i.e. ICM Capital Limited) closed revenues of £14.4 million.
ICM.com is controlled by founder and CEO Shoaib Abedi, through the Luxembourg holding company ICM Holding SARL. The company also operates licensed subsidiaries in the United Arab Emirates, South Africa and Switzerland, as well as offshore entities in Mauritius, Labuan and Saint Vincent and the Grenadines.