Breaking: Red-Listed Brokers ForexTime and FTXM Ceased Operation And Renounced CySEC License!

The broker schemes Alpari and ForexTime (FXTM), founded by Russian entrepreneur Andrey Dashin, have been subject to recent developments, casting doubt on their regulatory standing. FinTelegram has placed these brokers on its Red Compliance List. In the meantime, ForexTime and FXTM have ceased operations and voluntarily surrendered their CySEC license. The Alpari situation seems to be unclear.

Operational Cessation and Cease and Desist Request:

A notable development is the announcement on the ForexTime website, stating the cessation of operations effective December 31, 2023. However, the specifics of which entity within the complex Alpari and FXTM network remains unclear.

A Cease and Desist request from Exinity Limited in Mauritius, signed by Om Pravesh Kumar Lolljee, Director of Exinity Limited, challenges the FinTelegram compliance rating of “Red” of Alpari and ForexTime a/k/a FXTM as defamation. This legal response adds a layer of complexity to the situation.

This cessation of ForexTime operations a/k/a FXTM affects both the UK and the EU mutation. However, FXTMtrades (FXTMtrades.net) is still operational.

Anyone attempting to register as a customer on Alpari International (Alpari.org) will be redirected to the ForexTime website, where operations have ceased as of December 31, 2023. A more than strange situation about which the FCA-regulated broker provides no information.

Regulatory Ambiguity

The regulatory landscape surrounding Alpari, ForexTime, and FXTM is marred by uncertainty. ForexTime Ltd, as per information available on the Cyprus Securities and Exchange Commission (CySEC) website, has voluntarily renounced its license, signaling a potential withdrawal from Europe and the United Kingdom.

It seems that the group is withdrawing from Europe and the United Kingdom.

Overlap and Blurring in Operations

The opaque nature of the Alpari, ForexTime, and FXTM network raises concerns about the overlap and blurring of entities. The lack of clarity makes it challenging for regulators to discern where one company ends and another begins. Despite warnings from regulatory bodies, investigations into the network’s overall activities have been lacking.

Entities and Regulatory Licenses:

The Exinity Group operates Alpari and ForexTime through various entities, adding to the complexity:

• Exinity UK Ltd holds an FCA license but is set to cease operations;
• ForexTime Ltd operated with a CySEC license, which has been voluntarily renounced;
• Exinity Limited, regulated by the Financial Services Commission (FSC) of Mauritius, is registered in Mauritius and operates Alpari International;
• Alpari (Comoros) Ltd, claiming a license from Mwali International Services Authority, operates AlpariForex.org.
• FXTMtrades (FXTMtrades.net) is still working. Exinity and ForexTime entities are still listed on this website as operators. There is no indication that the CySEC license has been renounced.
• FXTMpk (fxtmpk.com) is still working for professional traders. However, the website still pretends that CySEC and South African FSCA regulate the broker, which qualifies as misleading information.

Warnings and Red Compliance List:

The compliance challenges identified have led to the inclusion of both brokers on FinTelegram’s Red Compliance list. FinTelegram maintains this Red Compliance rating and urges traders to avoid these broker schemes.

Uncertainty, operational closures, and compliance concerns mark the regulatory situation surrounding Alpari, ForexTime, and FXTM. The interconnected web of entities and the lack of regulatory oversight present challenges for both clients and regulatory authorities. FinTelegram continues to monitor developments and strives to provide clarity amid this complex scenario.

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