HYCM Europe Forex Broker Return its CIF License

HYCM Europe has announced its decision to return its CIF License, effectively terminating its provision of services to individuals in the European Union. This decision encompasses both existing and prospective clients from the EU region.

The award-winning broker clarified that it will no longer accept new accounts from EU-based individuals and will cease operations for existing customers in the region. Despite the strategic move, HYCM has not provided specific reasons for this decision.

HYCM Europe Forex Broker Return its CIF License

However, the broker has assured its users that they will encounter no difficulties in withdrawing their funds. For any queries regarding this transition, clients have to reach out to compliance@hycm.com. Complaints can be directed to complaints@hycm.com.

CySEC (Cyprus Securities and Exchange Commission) has acknowledged the incident, indicating that HYCM’s decision aligns with the regulator’s mandatory surrender of authorization.

Also, HYCM Capital Markets (UK) Limited has reported a notable revenue increase of 14%, reaching £1.88 million for the fiscal year ending December 31, 2022. This growth can be because of various factors, including a significant surge in “other operating income” items, soaring from £5,464 to £697,335 compared to the previous financial year.

Despite the revenue uptick, the fast-execution broker faced challenges in maintaining profitability. Gross administrative expenses experienced a sharp rise, totaling £2.57 million, marking a 43% increase from the previous year. Consequently, the company’s operating profit for the year amounted to approximately £13,088, significantly lower than the £198,050 recorded in the preceding year.

It is always important for traders to stay updated on the latest developments in the forex market, including news and updates related to forex brokers. The surrender of HYCM Europe’s CIF License is a significant event that may impact traders in the EU region. As always, it is advisable to research and compare different forex brokers before choosing one to work with.

Lastly, take a look at the Best Forex Brokers.