The FinancialThe Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday that multi-asset brokerage firm HYCM (Europe) Ltd has renounced its Cyprus Investment Firm (CIF) license, effective June 10, 2024.
CySEC did not provide a specific reason for HYCM’s decision to relinquish its authorization. However, the regulator has recently observed several brokers voluntarily surrender their licenses, not due to regulatory issues.
A visit to HYCM’s website shows that the company has already removed references to its authorization and supervision by CySEC.
As of June 10, 2024, HYCM is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator has given HYCM three months from that date to settle its obligations from the investment services that lapsed, during which time it remains under CySEC’s supervision.
Under Cypriot regulations, HYCM must return all outstanding balances to clients and address all complaints. Additionally, HYCM must provide a confirmation from its external auditor that it has no pending obligations and include details of each client, as per the CySEC announcement.
HYCM is the global brand name for HYCM Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Capital Markets (DIFC) Ltd, and HYCM Limited. These entities operate under the HYCM Capital Markets Group, a global corporation active in Asia, Europe, and the Middle East.
In May, HYCM added the option to invest in top global stocks on its MT5 platform with zero commissions. The brokerage now offers over 1,000 stocks at 1:1 leverage, allowing investors to buy fractional shares for as low as $10 and earn income from dividend-paying stocks.