Fibo Markets Voluntarily Withdraws Cyprus License

On September 4, the Cyprus Securities and Exchange Commission (CySEC) officially announced the revocation of Fibo Markets Ltd’s license (formerly FIBO Group Holdings Ltd.), following the company’s voluntary application for withdrawal.

According to the regulator, CySEC decided at the meeting held on August 25 to revoke Fibo Markets Ltd's Cyprus Investment Firm license, number 118/10, due to the company's decision to relinquish the license.

On December 24, 2024, Fibo Markets announced to clients via its website (fibomarkets.com) that the brand had applied for voluntary withdrawal of its Cyprus financial license, with the revocation process expected to be completed by April 30 of the following year.

Currently, Fibo Markets holds a financial license issued by the British Virgin Islands Financial Services Commission (BVI FSC), numbered SIBA/L/13/1063.

Recently, the Cypriot regulator suspended the voting rights of Pavel Prozorov, the majority shareholder of OctxFX.

BrokersView reminds you

The Cyprus Securities and Exchange Commission (CySEC) serves as the financial regulatory authority in Cyprus. As a member of the European Union, Cyprus aligns its financial regulatory framework with the EU’s Markets in Financial Instruments Directive (MiFID).

CySEC has been active in the forex market since 2001. Click here to find more forex brokers regulated by CySEC.