CySEC Finally Withdraws CIF License of Dualix Operator Maxigrid Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced that it has finally withdrawn the Cyprus Investment Firm (CIF) License with number 145/11 of Dualix operator Maxigrid Limited, effective from 24 February 2022.

Withdrawal of Maxigrid’s CIF License

The Cypriot watchdog reached the decision due to Maxigrid’s violations of the investment laws. The market regulator provided specific details for the regulatory action, concluding that the forex retail brokerage firm has failed to comply with “The Investment Services and Activities and Regulated Markets Law”, the CySEC’s law. Maxigrid violated its licensing conditions and no longer met the conditions under which its authorisation was granted.

（Screenshot of the CySEC）

Suspension of Maxigrid’s CIF License

This is not a surprise, as Maxigrid, which operates the retail FX brand Dualix, has already been suspended its license back in October 2021 as suspicions of violations of the CySEC’s law. The watchdog concluded that the violations cause concerns and risk relating to the protection of the Company’s clients and/or constitute a threat to the orderly operation and integrity of the market.

（Screenshot of the CySEC）

After thorough investigations, CySEC has completely withdrawn the company’s CIF license. As a result, Maxigrid is not permitted to:

· provide or carry out investment services or activities;

· enter into any business transaction with any person and accept any new client.

· advertise itself as a provider of investment services.

When accessing the domains officially approved by CySEC, www.dualix.com and www.maxigrid.com, there were apparently no trading permitted in Cyprus on both websites.

（Screenshot of the CySEC）