Cyprus Securities and Trade Fee withdrew the license
of Reliantco Funding Restricted, an entity working UFX.com. The license was suspended reportedly as a result of the entity has not supplied any funding
service previously six months.
Suspension of Companies
UFX was a retail dealer offering foreign exchange and contract for
distinction (CFD) providers however now seems to have been closed down. Final 12 months,
the message on the corporate’s web site talked about that it not supplied
funding providers for customers in a number of places.
“CySEC, on its assembly of thirtieth October 2024, has determined to withdraw the Cyprus Funding Agency authorization with Quantity 127/10 of Reliantco Investments Ltd because the Firm has not supplied funding providers or carried out funding exercise for the previous six months,” the regulator wrote.
Early final 12 months, the dealer additionally blocked customers from opening
new accounts and renounced its Cyprus Funding Agency (CIF) license. CySEC’s registry
reportedly confirmed that the watchdog was inspecting the corporate’s “voluntary renunciation of the authorization.” In accordance with CySEC’s web site, Reliantco additionally operates three different domains: www.ufxaffiliates.com, www.ufxpartners.com,
and ufx.firm.
International Operations
CySEC awarded Reliantco a license to supply FX and CFD
brokerage providers in 2010. The corporate reportedly supplied its providers throughout
the European Financial Space by passporting its Cypriot license.
Moreover, the agency supplied its providers outdoors
Europe. A few of the areas included Asia and Latin America, with a license
from the Vanuatu Monetary Companies Fee (VFSC). Nevertheless, the brokerage
agency appears to have terminated providers beneath these licenses.
Count on ongoing updates as this story evolves.
This text was written by Jared Kirui at www.financemagnates.com.
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