Well, that’s no surprise. No surprise at all! CySEC-regulated Maxiflex Ltd d/b/a EuropeFX informed its clients that it renounced its licenses and consequently terminates the business. All open trades will be closed on 12 November 2021. All EuropeFX clients’ accounts will be closed by then. Any client wishing to withdraw their available funds may do so in accordance with the Company’s policies and procedures. Any remaining clients’ funds that have not been withdrawn by that date shall be refunded after the aforementioned date.
The closure of EuropeFX or the voluntary renouncement of the Maxiflex license may mark the beginning of a development that we believe will lead to the demise of the CySEC business. The increasingly harsh actions of European law enforcement agencies against CySEC-regulated investment firms (CIFs) are making life difficult. Other regulated CIFs have also confirmed to FinTelegram that they are evaluating closure.
Voluntary license rescission at Maxiflex was certainly not. Individuals close to the CIF allegedly have been involved in vast scam schemes with more than 80 scam brands. It is currently unknown whether sister firm Maxigrid Ltd will also resign its license. Stay tuned.