CySEC Announces the Withdrawal of Woodbrook Group’s CIF License

The Cyprus Securities and Exchange Commission (CySEC) announced that it has withdrawn the Cyprus Investment Firm (CIF) licenses of Woodbrook Group Ltd.

The decision to withdraw the license of the broker was taken by the Cypriot regulator on 17 August 2021 in a meeting. The regulatory further added that it was Woodbrook Group's decision to renounce its CIF license.

Cyprus is one of the most popular jurisdictions for financial services firms to establish their bases. The low regulatory entry barrier of the island makes it a perfect jurisdiction for European companies to make it their base.

However, CySEC has become extremely vigilant and is actively flagging and taking action against any violations. Earlier this month, it has reached a settlement with FXVC, operated by CFD broker Finteractive Ltd, on a fine of €100,000. The company has voluntarily withdrew its CIF license.