CySEC Cancels CIF License of Magnum FX (Cyprus) Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced that it has withdrawn the Cyprus Investment Firm (CIF) authorization of Magnum FX (Cyprus) Ltd with Number 359/18 under the section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. 

This is the fourth license revocation issued by the regulator this month, following the Withdrawal of CIF authorization of Inveza Capital Ltd, F1Markets Ltd and FF Simple and Smart Trades Investment Services Ltd.

According to the announcement, the withdrawal is due to the company's decision to expressly renounce its license.

In early June 2020, CySEC suspended the licenses of four brokers, including Magnum FX (Cyprus) Ltd and F1 Markets, for 30 days at the request of the UK Financial Conduct Authority (FCA), for alleged illegal operations by the companies in the UK. In the month, the Cypriot regulator recalled the partial suspension of CIF licenses of Magnum FX (Cyprus) Ltd and F1 Markets.

Furthermore, Magnum FX (Cyprus) Ltd paid a fine of €150,000 to settle with CySEC last August for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 and the Directive DI144-2014-14 of the CySEC for the prudential supervision of investment firms.

CySEC made the license revocation decision at the meeting on January 23, 2023, and officially announced it on February 14 (Tuesday).