Forex Broker HYCM Europe Nullifies CIF License

HYCM Europe, a CFD and forex trading platform, is willingly renouncing its CIF License. According to a statement from its website, the firm stated that it won’t be accepting new customers anymore. Furthermore, the company revealed that it will no longer open accounts for those living within Europe’s ecosystem.

According to the latest update, HYCM Europe is currently ending services for all existing customers in the area. However, the firm will communicate with its users and give them access to their funds. The company has not given any details concerning the specific reasons for this decision.

The company said it would love to announce that it hereby notifies customers that it is presently renouncing its CIF License with confirmation code 259/14.

HYCM Provides A Platform For Client’s Clarification And Complaints

The brokerage company has declared that those customers seeking clarification can visit [email protected]. For complaints, Clients can forward their emails to [email protected]. During the time, the Cyprus Securities and Exchange Commission revealed on its website that the brokerage firm was under assessment for voluntary relinquishment of its authorization.

In the previous year, HYCM Capital Markets Limited in the UK shared its financial data for the financial year concluding December 31, 2022. Despite seeing a significant boost in revenue, the firm faced a reduction in profitability compared to last year.

The firm’s turnover escalated to more than £1.88 million, signifying a major rise of 14% from the prior year. This revenue growth was linked to several factors. One of these factors includes a substantial boost from additional income sources, which climbed from £5,464 in the previous financial year to £697,335.

The Company Sees Major Rise In Revenue As Of Last Year

However, amidst the increase in revenue, HYCM UK faced a major surge in administrative expenses, which reached over £2.57 million. This value showcases a notable 43% increase compared to last year.

Despite the rise in supplementary income and revenue, the company’s operating income for the year reached a modest £13,088. This data shows a reduced amount compared to the £198,050 profit recorded in the previous fiscal year. The firm associated this decline with the rise in administrative expenses.

HYCM is a worldwide established brand with more than 40 years of experience. It is part of the Henyep Capital Markets Group which was founded in 1977.

The company provides pioneering technology on MT4 and MT5 platforms. It also offers exceptional trading conditions, countless trading instruments, and various account types that are suitable for all tastes.

The firm is headquartered in London and is regulated and authorized by the United Kingdom’s Financial Conduct Authority. It claims to be a trading platform chosen by many investors seeking direct and fast access to the universe’s capital market.