The Cyprus
Securities and Exchange Commission (CySEC) has officially withdrawn the
investment license of FIBO Markets Ltd, finalizing a process the forex broker
initiated late last year.
CySEC
announced the decision was made during its Aug. 25 meeting, formally revoking
the company’s Cyprus Investment Firm (CIF) authorization number
118/10. The regulator cited FIBO Markets’ express renunciation of its
license as the reason for the withdrawal.
FIBO Markets Loses Cyprus
License
The move
caps a months-long wind-down process that began in December 2024, when Fibo
Markets Ltd (ex FIBO Group Holdings Ltd), told clients it would voluntarily
surrender its CySEC license. At the time, the company said it expected the
renunciation process to wrap up by April 30, 2025.
“We deeply
appreciate the trust you have placed in us over the years and regret any
inconvenience this process may cause. We are committed to ensuring a smooth and
transparent transition for all our clients,” the company commented back in
December.
FinanceMagnates.com
reached out to company representatives for comment, but no response had been
received at the time of publication.
While the
FiboMarkets.com website now states that the license has been surrendered, the
FIBOGroup.com website remains active, and the company is regulated by the
Financial Services Commission (FSC) in the British Virgin Islands (license
number SIBA/L/13/1063).
CySEC Takes Broader
Regulatory Action
The FIBO
Markets license withdrawal comes alongside broader enforcement activity by
CySEC. The regulator announced today (Thursday) that four other investment
firms have lost their authorizations and been removed from the Investors
Compensation Fund.
CySEC
withdrew licenses from Oasis Wealth Management Ltd, The Alternative GMI Ltd,
Itrade Global (CY) Ltd, and Viverno Markets Ltd. The regulator simultaneously
removed these companies from the ICF membership roster, though existing client
compensation rights remain protected for past investments.
It is worth
noting, however, that these are purely technical moves stemming from the
earlier withdrawal of licenses from the mentioned entities. For example, in the
case of Viverno Markets, a B2B unit of BDSwiss, authorization
was revoked in May after the company had not provided services for more
than six months.
The other
three firms, including Itrade
Global, which operates the Tradewell and TradeFW brands, had given up their
licenses some time ago, as had FIBO.
This article was written by Damian Chmiel at www.financemagnates.com.
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