CySEC withdraws CIF licence of F1Markets

The Cyprus Securities and Exchange Commission (CySEC) revealed on Thursday that it has decided to withdraw the Cyprus Investment Firm authorisation of retail brokerage operator F1Markets Ltd.

The regulator’s decision follows the company voluntarily renouncing its license. The regulatory action was confirmed on 5 December 2022.

The company operates through domains and and offers it forex and CFDs trading.

F1Markets states the following on its website:

We regret to inform you that our Company has decided to renounce its authorization and therefore please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains and will no longer be able to offer its investments and ancillary services to clients.

F1Markets’ statement added that all client agreements with the company have ceased to be valid as of 19th of May 2022. In the event that any positions were open after that they, the company said they were automatically closed at the prevailing market price.

The company reminded its clients that those with positive account balance should make a request to withdraw their funds, otherwise the company return them to the original source of remittance.

The reasons behind the F1Markets renouncing its license were not disclosed in CySEC’s press release.

Earlier in August last year, CySEC announced reaching a settlement F1 Markets Ltd for “possible violation” of the law in the amount of €150,000.

CySEC recently withdrew the CIF authorisation of IFC Investments.

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