Cyprus FX Broker FXJet to Voluntarily Revoke its CySEC Licence

The forex market is going to see the withdrawal of a major Cyprus-licensed actor, FXJet (rebranded from Bogofinance Capital Markets Ltd) as the company is submitting an application to to Cyprus Securities and Exchange Commission (CySEC) to voluntarily revoke its Cyprus Investment Firm (CIF) License.

FXJet, the FX subsidiary of Lebanese retail forex broker BogoFinance, said in a statement that it would be terminating its activities in Cyprus after five years from receiving approval from CySEC to operate as a regulated Cyprus investment firm (number 321/17).

FXJet will no longer provide any investment services and will cease to accept new clients and deposits.

Clients with open positions have been asked to close their open trades, withdraw their funds and contact the firm following the instructions in the statement.

In a statement on its website, the FX broker said: ”Please submit to us a request for withdrawing your remaining balances in the Trading Account and instruct us to which bank account in your name you wish these to be remitted by the 15th of July 2020. Or we shall close all your Open Positions at prevailing market prices at the time of closure.”

It’s not clear why FXJet abandoned its ambitions to operate under the CySEC umbrella, but the surrender of the license is entirely voluntary based on the company’s decision and does not arise as a result of any regulatory action.

FXJet is still under examination for voluntary renunciation of the authorisation.