The popular CySEC-regulated broker ForexTime Limited has announced plans to stop servicing retail customers in Europe by February 26th, 2021. The broker indicated that it will then continue to provide services exclusively to professional and institutional clients. Notices were sent to existing retail customers of the broker, according to a report from Finance Magnates.
The move follows a similar decision by another popular Cypriot broker, Exness, to close its retail operations in Europe towards the end of 2019. While one could think that such decisions are based on tightening marketing and solicitation restrictions in European FX markets, other brokers, such as XTB are looking for an opportunity to expand in the current environment.
Nonetheless, FXTM looks to be expanding in other geographies, including Africa, where the broker received authorization to offer licensed services in Kenya and consolidating business under the Exinity Group of companies, which includes the brands Alpari International and ForexTime (FXTM).