The Cyprus Securities and Exchange Commission (CySEC) has announced that it has withdrawn the Cyprus Investment Company (CIF) licence of Magnum FX (Cyprus) Ltd under the relevant Acts of the Investment Services and Activities and Regulated Markets Act 2017, with its licence number: 359/18.

This is the fourth licence revocation decision issued by the regulator this month following the withdrawal of CIF licences for Inveza Capital Ltd, F1Markets Ltd and FF Simple and Smart TradesInvestment Services Ltd.

According to the CySEC announcement, the decision to revoke the license is due to the company's explicit decision to relinquish the license.

In early June 2020, at the request of the UK Financial Conduct Authority (FCA), CySEC suspended the licences of four brokers, including Magnum FX(Cyprus) Ltd and F1 Markets, for a period of 30 days due to their alleged illegal operations in the UK. In the same month, the Cypriot regulator reversed its decision to suspend trading in two companies, Magnum FX (Cyprus) Ltd and F1 Markets.

In August last year, Magnum FX(Cyprus) Ltd was charged with violating the Investment Services and Activities and Regulated Markets Act 2017 and CySEC Directive DI144-2014-14 on prudential supervision of investment companies, and paid a fine of €150,000 to settle with CySEC.

The decision to revoke the license was made at the CySEC meeting on January 23, 2023, and was officially announced on Tuesday, February 14.