CySEC Announces Withdrawal of FXJet from Investors Compensation Fund

The Cyprus Securities and Exchange Commission (CySEC) made public that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of the member FXJet (rebranded from Bogofinance Capital Markets Ltd.).

It is worth noting that pursuant to paragraph 6(3) of Directive DI87-07, the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.

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The withdrawal of the ICF membership was carried out following CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of FXJet. 

Founded in 2006, FXJet is a Lebanese financial institution regulated by the Central Bank of Lebanon. And as is reported by Fazzaco previously, it voluntarily revoked its CySEC CIF license last September.