CySEC Revokes CIF Licence of Maxiflex Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced yesterday the withdrawal of the Cyprus Investment Firm (CIF) authorisation of Maxiflex Ltd, the operator of the Forex and CFD broker EuropeFX, with Number 258/14. This follows the suspension of Maxiflex Ltd's CIF license in October 2021​.

The Cypriot financial regulator explained that the entity has breached article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017 (the Law), as to the continued observance of the licensing conditions set out in articles 11(1)(b) and 17(9) of the Law, regarding the suitability of the shareholder and the safeguard of the rights of clients and the prevention of the use of clients’ funds for its own account, respectively. Consequently the company does not comply anymore with the conditions for granting its authorisation.

The watchdog notes that due to the withdrawal of the Maxiflex Ltd's authorisation, the company should immediately and without any delay, ensure that all references on its websites, and elsewhere, to the provision/performance of investment services/activities, as well as to its licensing and supervision by the CySEC are deleted. 

Besides, the company needs to investigate and resolve all customer complaints brought before it, and to ensure that it does not provide investment and ancillary services.