NTFX Capital, a Cyprus company best known for its retail Forex brand Alfa-Forex has voluntarily suspended its CySEC license for operations. CySEC has publicly announced that NTFX has withdrawn its CIF license and has ceased operations on December 9th, 2019.
Back in July of 2015 Alfa Forex Ltd obtained a license from CySEC, but in March of 2019 it was announced that Alfa Capital Holdings (Cyprus) Limited, which provided licensed retail Forex trading services under the Alfa-Forex brand and was part of the banking group “Alfa Group”, announced that it would shut down retail operations and focus on institutional trading instead.
This development may come as a surprise, but is similar to those announced by other brokers, who got their start operating in Eastern Europe, including Russia and soon moved into European jurisdictions. On the one hand, such brokers have experienced difficulty in adopting the MiFiDII and ESMA directives, which have arguably negatively impacted revenue, but have also had to deal with regulatory scrutiny regarding the onboarding of customers from restricted countries.