FXTM goes offshore, relinquishing CySEC license

Cyprus financial regulator CySEC has announced that Retail FX and CFDs brokerage operator Forextime Ltd has had its CIF license withdrawn, due to the company’s decision to expressly renounce it.

Forextime, which operates the FXTM brand, had held a CySEC CIF license since 2012.

FXTM seems to continue operating out of entities domiciled in Kenya, South Africa, and Mauritius. FXTM’s parent company, Exinity, also holds an FCA license, although the group seems to be running very little business through that entity, with Exinity UK’s latest financials (for 2022) showing Revenues of £1.7 million, down from £1.8 million the previous year.

Exinity was launched in 2020, as an umbrella group comprising the various retail FX/CFD businesses owned by Andrey Dashin, including FXTM and the (also offshore) Alpari Retail FX/CFD brands, and more recently the Nemo investing app and the Pulse gaming platform.