CySEC Withdraws CIF License of WS Financial and Investment Services

The Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it has decided to withdraw the Cyprus Investment Firm (CIF) License with Number 049/04 of WS FINANCIAL AND INVESTMENT SERVICES LTD, due to the company's decision to expressly renounce it.

The decision was made at a CySEC meeting held on 22 March 2021. More specifically, the cypriot regulator has decided, 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, to withdraw the company's license.

As we can see, the company's website https://www.wsfis.com/ is currently available. It published the following statement to notify clients about the new changes.

"The company has decided to terminate its activities and proceed with a voluntary renunciation of its license. The Company has already formally informed the Cyprus Securities and Exchange Commission about its above intention and has ceased to provide any investment and ancillary activities as of 29 January 2021."

Let's recall that, CySEC has announced a number of decisions on the withdrawal of CIF authorizations in this year. Earlier in March, the regulator withdrew the CIF license of Deloitte Investment Services Limited. In February, CySEC withdrew the CIF authorization of Coverdeal Holdings Ltd. In addition, other companies including Russian fX broker Otkritie Capital ​has voluntarily revoke their CIF Licences.