Following other companies decisions to withdraw their registration in Cyprus, The Cyprus Securities and Exchange Commission (CySEC) has recently also withdrawn the authorization of Whotrades Ltd.
Specifically, the regulator withdrew the Cyprus Investment Firm (CIF) authorization from the company, which was previously known as FINAM. This change is in response to the company’s own desire to renounce its CIF authorization and effectively stop providing brokerage services through the Cypriot entity.
While the withdrawal has taken place, the website of the broker looks to have been changed to include a blog, charting features and ways to highlight trades, as well as login functionality for other brokerage accounts. Industry experts will recall that WhoTrades was founded in 2010 by Russian broker Finam Holdings.