The Cyprus Securities and Exchange Commission (CySEC) announced yesterday that it has revoked the Cyprus Investment Company (CIF) authorization of Maxiflex Ltd, operator of currency pair and CFD broker EuropeFX, number 258/14. This follows the suspension of Maxiflex Ltd's CIF licence in October 2021.

The Cypriot financial regulator explained that the entities had violated section 22(1) of the Investment Services and Activities and Regulated Markets Act 2017 by not continuing to comply with the licensing conditions set out in sections 11(1)(b) and 17(9) of the Act, These two provisions relate, respectively, to the suitability of shareholders and the protection of the rights of clients and the prevention of the use of clients' funds for their own accounts. As a result, the entity no longer meets the conditions for granting its authorization.

CySEC noted that as Maxiflex Ltd's mandate was revoked, the company should immediately ensure that all references to the provision/performance of investment services/activities and those licensed and supervised by CySEC are removed from its website and elsewhere.

In addition, the company is required to investigate and resolve all customer complaints submitted to it and ensure that investment and ancillary services are not provided.