• has applied to cancel the FCA license of its UK subsidiary, ICM Capital Limited.
  • ICM Capital Limited reported a net loss of £1 million in 2022 with negligible revenues.

Retail FX and CFDs broker has applied to cancel the FCA license of its London-based subsidiary, ICM Capital Limited. The application, submitted on May 15, marks a significant shift for the company, which has held the license since 2010.

Despite the move, ICM Capital Limited must continue to meet the FCA’s standards in customer dealings until the cancellation is approved. The company has struggled financially, posting a net loss of £1 million in 2022 on virtually no revenue.

This decline follows a strategic decision in 2022 to withdraw from retail activities and focus solely on professional clients, a shift that appears to have had limited success. Client funds held by UK fell dramatically, ending 2022 at £530,791, down from £4.27 million in 2021 and £6.09 million in 2020. Once a robust player, UK reported revenues of £14.4 million as recently as 2017.

Controlled by founder and CEO Shoaib Abedi through Luxembourg-based ICM Holding SARL, also operates licensed subsidiaries in the UAE, South Africa, and Switzerland, and maintains offshore entities in Mauritius, Labuan, and Saint Vincent & the Grenadines.

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