VPR Safe Financial Group, the operator of the FX
and CFD broker Alvexo, relinquished its Cyprus investment firm (CIF) license. The Cyprus Securities and Exchange Commission (CySEC)
confirmed the license withdrawal today (Monday), marking a
notable exit from the country’s regulated investment sphere.
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The company’s departure follows regulatory scrutiny
that culminated in a settlement announced by the regulator last year. Although
details of the violations were not disclosed explicitly in the recent
statement, the settlement indicated concerns over regulatory adherence within
the firm’s operations.
Not the First Regulatory
Setback
This action may have played a role in the company’s
decision to relinquish its operating license. With the formal withdrawal of its
CIF license, VPR Safe Financial Group steps back from offering regulated
investment services under the Cypriot jurisdiction.
CySEC’s dealings with VPR Safe Financial Group have been
turbulent in recent years. A few years ago, the watchdog reversed its earlier decision to suspend the group’s CIF license.
The regulator confirmed that the company had fulfilled the conditions required under the Cyprus Investment Services Law, prompting CySEC to lift the suspension.
VPR Safe Financial originally faced a license suspension in 2022.
The action was reportedly linked to alleged regulatory breaches involving the
company and its tied agent in France, France Safe Media.
Following the suspension, the company was temporarily
prohibited from providing investment services or engaging in business
activities in France until concerns raised by the regulator were addressed.
This was not the firm’s first regulatory issue with CySEC. Earlier,
it reached a €100,000 settlement with the regulator over potential violations
of investment services rules.
Other Recent CIF Withdrawals
VPR Safe Financial is
among a few other brokers that have recently renounced their CIF license. Last
month, FIBO Markets surrendered its CIF approval in a voluntary decision announced in December 2024. CySEC revoked the broker’s authorization number 118/10 in accordance with its express
renunciation.
The license withdrawal concluded the phase-out that FIBO
Markets began late last year, when it informed clients that it intended to give
up its CySEC authorization by April 30, 2025.
CySEC also revoked Royal Forex’s CIF license early this
year, following the firm’s voluntary renunciation. The decision came amid a push
for compliance obligations under EU regulations linked to the European Green
Deal.
This article was written by Jared Kirui at www.financemagnates.com.
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