The Cyprus Securities and Exchange Commission (CySEC) has taken significant action by withdrawing the investment firm licence and terminating the Investors Compensation Fund (ICF) membership of four companies this week.
During a meeting held on August 25, 2025, CySEC decided to revoke the licence of Fibo Markets Ltd, following the firm’s own choice to renounce its authorisation. This decision underscores the ongoing scrutiny and regulatory enforcement within the financial sector in Cyprus.
In addition to Fibo Markets, CySEC announced that Oasis Wealth Management Ltd, The Alternative GMI Ltd, Itrade Global (CY) Ltd, and Viverno Markets Ltd have also seen their ICF memberships withdrawn. This action comes in the wake of earlier decisions to revoke their operating licences, indicating a broader tightening of regulations affecting investment firms in the region.
CySEC clarified that while these firms have lost their ICF membership status, it does not strip covered clients of their rights to receive compensation for investment activities conducted prior to the withdrawals, as long as the necessary compensation conditions are satisfied. The regulator emphasised that clients may still initiate compensation procedures if required.
The withdrawal of licenses from these firms is not an isolated incident. Oasis Wealth Management Ltd had its licence as a management company for UCITS revoked, while The Alternative GMI Ltd lost its authorisation as an Alternative Investment Fund Manager. Additionally, Itrade Global (CY) Ltd and Viverno Markets Ltd were stripped of their licences as Cyprus Investment Firms.
These developments reflect CySEC’s commitment to maintaining the integrity of the financial markets in Cyprus and protecting investors from potential risks associated with unregulated or poorly managed firms. As the regulatory landscape evolves, firms must navigate a complex framework to ensure compliance and sustain their operations.
