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CySEC withdraws the license of 365invest parent

Nov 18 2019
By
Jonathan Smith

 

The Cyprus Securities and Exchange Commission (CySEC) announced that the license of 365invest parent, Fidelisco Capital Markets Ltd.,  is withdrawn as the company has expressly decided to renounce it.

 

In its official statement The Cypriot financial watchdog made it clear that the Fidelisco’s surrender of license is entirely voluntary, and does not arise as a result of any regulatory issues.

 

Operating since 2013, Fidelisco was also authorized by the UK FCA, but this license has also been cancelled. Previously, the company offered mainly binary options trading, but changed focus to forex after ESMA’s ban introduced in 2018. Our check revealed that the website www.365invest.com is no longer active and the domain is for sale.

 

As a matter of fact, CySEC has recently seen many regulated brokers opt to voluntary surrender their license, and not as a result of any regulatory action taken by it - Postscriptum Capital Ltd., KIT Finance Brokers Ltd., and more. We believe this might be a result of ESMA’s product intervention measures, which were made permanent in many EU countries. The most important of these measures is the leverage capped of 1:30, which many traders find insufficient. As a result, a number of European forex brokers see a drop in their trading volumes, and respectively, a dip in profits.

 

TAGS: CySEC  license withdrawal  Fidelisco Capital Markets Ltd  365Invest  voluntary renunciation 
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