CySEC Withdraws FXJet’s CIF License

​The Cyprus Securities and Exchange Commission (CySEC) announced that it has wholly withdrawn the Cyprus Investment Firm (CIF) License with Number 321/17 of FXJet (rebranded from Bogofinance Capital Markets Ltd).

The announcement is following the company's submission of the application to CySEC to voluntarily revoke its Cyprus Investment Firm (CIF) License on September.

According to the regulator, on its meeting of 23rd November 2020, it 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, due to the Company's decision to expressly renounce it.

After the withdrawal of its license, the retail broker is shutting its website fxjet.com. The company has previously published the following statement to notify clients about the new changes.

“We would like to inform you that the Company is in the process of voluntarily renouncing its CIF Licence with authorisation number 321/17. Therefore, the Company will no longer accept any new clients and/or the opening of any new accounts. We would like to inform you we give you 15 (fifteen) days' notice (hereinafter the 'Notice Period') of the termination of the Agreement and our relationship thereunder, such termination to take place on the 30th of June 2020.”

It's not clear why FXJet abandoned its ambitions to operate under the CySEC umbrella, but the surrender of the license is entirely voluntary based on the company's decision and does not arise as a result of any regulatory action.