CySEC Ends TIOmarkets' CIF Authorisation Following Company Request
The Cyprus Securities
and Exchange Commission has withdrawn the investment firm licence of TIOmarkets
CY Ltd after the company decided to surrender its authorisation. London's trading industry is coming home! The decision follows
several similar exits by Cyprus-regulated brokers. CySEC withdrew the
authorisation of TTCM
Traders Trust Capital Markets in June this year. Earlier, the regulator
withdrew HTFX's licence in January, FIBO
Markets' licence in September last year and FXTM's
authorisation in May 2024 . All four withdrawals followed voluntary
decisions by the companies to give up their Cyprus licences. CySEC Confirms Withdrawal of TIOmarkets'
Licence CySEC said it approved
the withdrawal at a meeting in September and announced it today (Friday). The
company had "expressly renounce[d]" its Cyprus Investment Firm
authorisation. TIOmarkets CY received
its CySEC licence in 2023, allowing it to operate as a regulated investment
firm in Cyprus. The withdrawal was made under the country's investment services
law and the relevant regulatory directive. CySEC did not provide
further details about the company's reasons for surrendering its licence. The
announcement did not cite any regulatory breach or enforcement action against
the firm. Finance Magnates contacted TIOmarkets for
comment on the licence withdrawal but had not received a response by the time
of publication. TIOmarkets Adds Two Senior Executives Separately, Andreas
Skianis announced that he had joined TIOmarkets as Global Head of Partners.
He previously held the same position at IC Markets and worked at IronFX,
M4Markets and HotForex. The company also hired Nick Jay as Chief Operating
Officer and FX Consultant.
This article was written by Tareq Sikder at www.financemagnates.com.