Exclusive: Maxiflex Ltd Voluntarily Renounces its CIF License

Exclusive: Maxiflex Ltd Voluntarily Renounces its CIF License

The owner and operator of EuropeFX has renounced its Cyprus Investment Firm (CIF) license.

Cypriot brokerage operator, Maxiflex LTD has informed CySEC of its intention to voluntarily renounce its Cyprus Investment Firm (CIF) license and terminate all its activities.

This follows the events of last month, in which the Cyprus Securities and Exchange Commission (CySEC) announced it has wholly suspended the CIFs license due to possible violations of the investment laws.

To proceed with the renouncement process, Maxiflex has uploaded a pop-up on the EuropeFX website with the following:

“We regret to inform you that Maxiflex Ltd (the owner and operator of the domain name EuropeFX) has taken the difficult decision to voluntarily renounce its CIF license. This means that the company no longer provides/carries out investment services/activities and/or enters into any business transaction with any person nor does it accept any new clients. As per the above and in accordance with our Terms & Conditions, the Company would like to inform its existing clients that all open trades will be closed on 12/11/2021 and all EuropeFX clients‘ accounts will be closed by then. Any client wishing to withdraw their available funds may do so in accordance with the Company’s policies and procedures. Any remaining clients funds that have not been withdrawn by that date, shall be refunded after the aforementioned date.”

Finance Magnates reached out to Maxiflex for comment and has received the following response:

“After a thorough evaluation of all options, weve concluded that it is not feasible for us to continue operations at this point. Our main concern right now is to be supportive of our loyal client base and assist them with their account closure process for them to receive their outstanding balances as quickly as possible. As always, we are fully cooperative with the regulatory authorities and are in constant communication with CySEC to make sure the process is done according to regulatory requirements and our clients best interests.”