CySEC Ends CIF Authorization for Alvexo Operator VPR Safe Financial
The Cyprus Securities and Exchange Commission (CySEC) has announced the withdrawal of the Cyprus Investment Firm (CIF) license with license number 236/14 of VPR Safe Financial Group Ltd, the operator behind retail broker Alvexo. The decision follows the company’s voluntary renunciation of its authorization.
Source: CySEC
VPR Safe Financial previously faced regulatory scrutiny. In 2022, CySEC suspended its license over alleged breaches involving its French-tied agent, France Safe Media. The suspension was lifted in 2023 after the firm met the conditions set out under the Cyprus investment law. In 2021, VPR Safe Financial paid a €100,000 settlement to CySEC over suspected violations of investment service rules.
The firm joins other brokers exiting the CySEC regulatory framework. In September, FIBO Markets voluntarily surrendered its CIF license. Earlier in March, CySEC revoked the license of Royal Forex Ltd.
Click here to know more about CySEC and view the list of forex brokers regulated by CySEC.
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