F1Markets' License As An FX/CFD Broker Has Been Revoked By CySEC

The Cyprus Securities and Exchange Commission (CySEC) has revoked F1Markets Ltd's operating license after the business opted to “expressly renounce it.” Despite the fact that the decision was announced on Thursday, the regulatory board ratified it on December 5, 2022.

F1Markets CySEC license has been revoked

F1Markets operated various forex and contracts for difference (CFDs) retail broker brands under the Cyprus Investment Firm (CIF) license, one of which was Investous. It has four domains registered with the Cypriot authority, and the other two, 24CM and EuroPrime, are no longer accessible.

According to a notice on the broker's website, the firm ceased operations in May of last year. On May 19, 2022, it canceled all open positions and ordered traders to withdraw monies.

“We regret to inform you that our Company has decided to renounce its authorization and therefore, please be aware that as of 20th of June 2022, F1Markets Ltd, operating under the domains www.investous.com/eu and www.f1markets.com will no longer be able to offer its investments and ancillary services to clients,” the notice reads.

F1Markets also includes Straton Markets as one of its brands. However, that website is no longer accessible and has not been registered with CySEC.

F1Markets, a contentious broker, obtained its CySEC license in 2015, allowing it to operate throughout the European Economic Area (EEA). However, its services were repeatedly reported for noncompliance, and the corporation has faced regulatory measures.

The Financial Conduct Authority busted F1Markets and a few other brokers for using bogus celebrity endorsements on social media to promote their goods in the United Kingdom. The British watchdog's concerns led to CySEC temporarily suspending the broker's license, which was reinstated within a month.

F1Markets paid €150,000 to the Cypriot regulator in August for multiple possible violations of local regulations that came with a regulatory assessment of the company's compliance efforts for fulfilling the conditions of its partial suspension and other corrective measures taken between June 2019 and July 2020.

Furthermore, once the European financial market regulator expressed concerns, CySEC enhanced its enforcement monitoring. It also recently revoked the license of FF Simple and Smart Trades Investment Services, which operated the TradoCenter and Toro Invest brokerage brands.

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