Cyprus Securities and Exchange Commission withdrew the license of Reliantco Investment Limited, an entity operating UFX.com. The license was suspended reportedly because the entity has not provided any investment service in the past six months.
Suspension of Services
UFX was a retail broker providing forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contract for difference (CFD) services but now appears to have been closed down. Last year, the message on the company’s website mentioned that it no longer offered investment services for users in several locations.
“CySEC, on its meeting of 30th October 2024, has decided to withdraw the Cyprus Investment Firm authorization with Number 127/10 of Reliantco Investments Ltd as the Company has not provided investment services or performed investment activity for the preceding six months,” the regulator wrote.
Early last year, the broker also blocked users from opening new accounts and renounced its CIF license. CySEC’s registry reportedly showed that the watchdog was examining the company’s “voluntary renunciation of the authorization.”
According to CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term’s website, Reliantco also operates three other domains: www.ufxaffiliates.com, www.ufxpartners.com, and ufx.company.
Global Operations
CySEC awarded Reliantco a license to offer FX and CFD brokerage services in 2010. The company reportedly provided its services across the European Economic Area by passporting its Cypriot license. A spokesperson from the company earlier told Finance Magnates: “UFX ceased accepting new clients several years ago and has not been actively marketing or acquiring new customers since 2018. As such, there was no need to be holding a license any longer.”
Additionally, the firm provided its services outside Europe. Some of the regions included Asia and Latin America, with a license from the Vanuatu Financial Services Commission. However, the brokerage firm seems to have terminated services under these licenses.
In 2013, CySEC announced that it settled with Reliantco for undisclosed violations in the amount of 100,000 EUR and then immediately recalled this announcement.
“CySEC highlighted the Company’s disproportionate high growth rate compared to its increase in personnel. In an effort to satisfy CySEC’s requirement, the Company shall continue to expand its team of global financial experts at an increasing rate, specifically at its Cyprus head office,” the regulator wrote.
