VPR Safe Financial Group, the operator behind the FX and CFD broker brand Alvexo, relinquished its Cyprus investment firm (CIF) license.

The Cyprus Securities and Exchange Commission (CySEC) confirmed the firm’s license withdrawal today (Monday), marking a notable exit from the country’s regulated investment sphere.

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The company’s departure follows regulatory scrutiny that culminated in a settlement announced by the regulator last year. Although details of the violations were not disclosed explicitly in the recent statement, the settlement indicated concerns over regulatory adherence within the firm’s operations.

This action may have played a role in the company’s decision to relinquish its operating license. With the formal withdrawal of its CIF license, VPR Safe Financial Group steps back from offering regulated investment services under the Cypriot jurisdiction.

Expect ongoing updates as this story evolves.

Source: Finance Magnates