CySEC Revokes CIF Authorization of Forex Broker HYCM

The Cyprus Securities and Exchange Commission (CySEC) announced Tuesday the withdrawal of the Cyprus Investment Firm (CIF) authorisation with number 259/14 of HYCM (Europe) Ltd.

HYCM (Europe) is the European subsidiary of the multi-regulated Forex and CFD provider HYCM. In March, Fazzaco reported that the entity has voluntarily surrendered its Cyprus Investment Firm (CIF) license.

CySEC's decision to revoke the CIF authorisation of the aforementioned company was pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05.

Last month, CySEC has canceled CIF authorization of FXTM, and Oval Money (Europe)​. Besides, the regulator has introduced its Regulatory Sandbox​, marking a significant milestone in the advancement of financial, regulatory, and supervisory technologies (FinTech, RegTech, and SupTech) in Cyprus.