FXVC Applied the Cancellation of its CIF License of CySEC

Recently, BrokersView learned that FXVC has decided to voluntarily renounce its CIF license (238/14) of CySEC to operate as an investment firm. As a result, FXVC was no longer to provide/carry out investment services or enter into business transactions from 1 March 2022.

Voluntarily Renounces Its CIF License of CySEC

FXVC(https://www.fxvc.com/eu/) announced that it has applied to abandon its CIF license of CySEC with authorisation number 238/14 as of 20 January 2022 and ceased the offering of investment services to its clients as of 28 February 2022.

(Screenshot from FXVC)

According to the notice, all open trades will need to be closed by the end of 28 February 2022. If investors do not close their open positions by the date, they will be closed automatically.

In addition, the company will not accept any new clients and existing clients who have eligible funds in their account will be refunded in accordance with the company’s Terms and Conditions.

When checking on the CySEC register, we found the regulatory status of FXVC changed into under examination for voluntary renunciation of the authorisation. That means the FXVC’s surrender of license is entirely voluntary based on the company’s decision and does not arise as a result of any regulatory action.

 (Screenshot from CySEC)

The reasons leading up to this decision remain unclear, but CySEC will certainly maintain supervision over the financial service company until it has taken care of its responsibilities under the license.

It's worth noting that another domain https://www.fxvc.com/int related to FXVC, is still available, and is offering investment services under the supervision of the Seychelles FSA.