ForexTime (FXTM), the brokerage brand associated with Andrey Dashin, has made a significant move by voluntarily relinquishing its Cyprus Investment Firm (CIF) license and ceasing all operations within the Cypriot entity as of December 31, 2023.
This decision, as confirmed on the FXTM EU website (forextime.com/eu), is attributed to an internal management choice.
The company had already withdrawn its services for retail clients in the European Union back in February 2021, opting to exclusively cater to professional clients and institutional traders within the European Economic Area (EEA).
However, the recent development indicates a complete withdrawal from the EU market.
The Cyprus Securities and Exchange Commission (CySEC) regulatory registry currently lists Forextime Ltd’s license as “under examination for voluntary renunciation of the authorization.” It’s worth noting that the company initially obtained this license in December 2012.
Finance Magnates sought an official statement from Exinity, the parent company of FXTM, regarding the termination of services under the Cyprus license but had not received a response at the time of press.
The FXTM brand falls under the umbrella of the Exinity Group, which also provides retail trading services through the Alpari brand.
These brands were consolidated under the Exinity Group in 2020. The Exinity website highlights that FXTM and Alpari together serve over two million clients across multiple regulated entities, offering services in 18 languages to clients in 150 countries.
Andrey Dashin, the driving force behind this trading industry empire, operates through various legal entities and websites.
Besides Cyprus, the FXTM brand is also licensed in the United Kingdom and Mauritius. Exinity UK Ltd is regulated by the UK’s Financial Conduct Authority, while Exinity Limited is licensed by Mauritius’ Financial Services Commission and operates Alpari International.
Additionally, Alpari (Comoros) Ltd is regulated by the Mwali International Services Authority. Dashin’s empire also has regulated entities in Kenya, the UAE, and several other jurisdictions.
In the previous year, the Exinity Group expanded its portfolio beyond retail offerings and ventured into the institutional business with liquidity solutions.
The group welcomed Matthew Wright as the Chief Operating Officer in September.
Meanwhile, the UK unit, catering exclusively to professional and institutional traders, reported revenues of approximately £1.68 million, with pre-tax profits surging by an impressive 1,802 percent to £319,251 year-over-year.
Over the years, the UK regulator has identified several clones impersonating ForexTime (FXTM), indicating the brand’s prominence in the market.