ForexTime (FXTM), owned by Andrey Dashin, has recently announced that it will give up its Cyprus Investment Firm (CIF) license. Furthermore, they’ve also called off all their operations from 31st Dec 2023 under the Cypriot entity.
FXTM Leaves Europe as Well?
In February 2021, the company stopped serving retail clients in the EU. In another email to its retail customers, the company declared it does not want to serve traders other than professional clients and institutional providers based in EEA. Nevertheless, more recent information shows that the company intends to depart entirely from the EU market.
Furthermore, the regulatory registry of the Cyprus Securities and Exchange Commission (CySEC) shows that the license issued to Forextime Ltd is presently under consideration for voluntary renunciation of authorization. The Cypriot firm acquired the license in December 2012.
The Finance Line tried contacting the FXTM team on their official statement over it but has yet to get a reply from them. They might come up with an official statement sometime later.
About the brokerage business of Andrey Dashin
Andrey Dashin, a prominent person in the retail FX industry, has made an essential move of late in establishing his brokerage empire. The Russian entrepreneur, who once established Alpari and FXTM “all in 1 Academy,” has combined these two brands into a new name – Exinity Group. This indicates that Dashin has embarked on continuous business growth and diversification activities in the competitive forex market.
It’s worth noting that Dashin also succeeded in obtaining another license for an entity called Exinity Capital East Africa Limited, which is a part of the newly formed global brand –Exinity Group. Nevertheless, his enterprises have not been free of controversies. The recent developments that have hit Alpari and FXTM questioned their operations.
The Finance Line’s take on the entire situation:
The FXTM’s decision to halt its services under CySEC and hand over the license complicates an already convoluted situation. It is a drastic change in their business operations and strategy since the EU market has been one of their main areas of operation. Moreover, despite The Finance Line’s efforts to get an official statement from them, their lack of comments on the issue fuels rumors revolving around what is next and why they abruptly took such a decision.
This development is another chapter in the tumultuous history of Andrey Dashin’s businesses. After successfully launching the Exinity Group and securing another license for a firm called Exinity Capital East Africa Limited, Dashin’s enterprises have been involved in controversies. These past incidents and the scenario with FXTM cast a shadow of doubt over his business practices, creating a cloud of uncertainty that looms over those involved in the retail Forex industry.