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HYCM (Europe), a subsidiary of the forex/CFD provider, voluntarily relinquishes its CIF license and will cease to serve EU-based clients.
HYCM (Europe), the European arm of the well-established Forex and CFD provider HYCM, has made the decision to voluntarily surrender its Cyprus Investment Firm (CIF) license.
The company’s official statement on its website outlines that HYCM (Europe) will cease accepting new customers and opening accounts for individuals within the EU. Existing customers in the region will also see services terminated.
The announcement from HYCM (Europe) states, “We are currently in the process of voluntarily renouncing our CIF License with authorization number 259/14. As a result, we will not be onboarding new EU-based clients or opening new EU-based accounts. Concurrently, we are concluding all services for our existing EU-based clients and guiding them on the necessary steps for fund returns.”
HYCM (Europe) obtained its CIF license in November 2014 and is presently undergoing examination by the Cyprus Securities and Exchange Commission (CySEC) for the voluntary renunciation of its authorization.
Recent reports have indicated a change in ownership for HYCM, with senior managers Roger Bach and Stavros Lambouris set to acquire the company, marking a significant development in the firm’s leadership structure.
