The Cyprus Securities and Exchange Commission (CySEC) has
announced today (Wednesday) the withdrawal of IFCM Cyprus Ltd’s Cyprus Investment Firm (CIF)
license. The decision was made during a meeting held on October 30, 2024.
IFCM Cyprus Renounces CIF License
According to CySEC, the company voluntarily chose to
renounce its CIF authorization. This type of license is required to operate as
a regulated investment firm in Cyprus, allowing companies to provide financial
and investment services within the country and across the European Economic
Area.
The withdrawal follows the company’s formal request, signalling
its decision to cease operating under CySEC’s regulatory framework. According
to the regulator, no judicial reviews or further rulings were associated with
this case.
Finance Magnates reached out to IFCM Cyprus for comment, but
the firm has not responded as of the time of writing.
Earlier, CySEC
announced the withdrawal of Cyprus Investment Firm (CIF) authorizations. On
November 11, 2024, CySEC revoked the CIF authorization of Arumpro Capital Ltd
after the company explicitly renounced its authorization.
Similarly, on November 4, 2024, CySEC withdrew the CIF
authorization of Greenpost Trading Europe Ltd, following the company’s decision
to renounce its authorization.
Additionally, CySEC
removed AMP Global Ltd’s membership from the Investors Compensation Fund
(ICF) after the company withdrew its CIF authorizations, as reported by Finance Magnates.
CySEC Begins Accepting CASP Licence Applications
Meanwhile, CySEC has announced that it is now accepting Crypto
Asset Service Provider (CASP) licence applications for preliminary assessment
under the forthcoming Markets in Crypto-Assets Regulation (MiCA). This decision
precedes the full implementation of MiCA across the European Economic Area,
which will take effect on December 30, 2024.
“This initiative is designed to ensure a smooth transition
to MiCAR which represents a major step forward for the protection of investors
in financial markets” said the CySEC Chairman, Dr George Theocharides.
CySEC also clarified that it cannot guarantee approval of
the CASP licence before the EU deadline. However, it may prioritize
applications and notifications from entities already registered in Cyprus.
This article was written by Tareq Sikder at www.financemagnates.com.
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