Brokerage group SquaredFinancial has ‘voluntarily’ renounced its license from the Cyprus Securities and Exchange Commission (CySEC).
The broker has published a notice on its website saying that it will no longer onboard customers from the European Union or elsewhere, via that entity.
“Squared Financial (CY) Ltd wishes to inform you that the Company has formally initiated a strategic and voluntary renunciation of its Cyprus Investment Firm (CIF) License, Authorization No. 329/17, under the supervision of the Cyprus Securities and Exchange Commission (CySEC),” the broker said.
“This transition is part of a broader internal restructuring aimed at streamlining our regulatory framework and enhancing operational efficiency across our international group.”
SquaredFinancial is also leaving its office in central Limassol.
The move to renounce its license comes on the heels of the firm freezing millions in funds belonging to partner brokers that it was acting as LP for.
Several firms claim that SquaredFinancial used spurious claims about having to check the funds for ‘compliance’ reasons to justify the freezes.
The company’s CEO Philippe Ghanem has moved to the US. However, a spokesperson for the broker claims he is still a director at the firm.
When asked why Ghanem had changed his LinkedIn to show he is no longer at the firm and living in the US, the spokesperson said that this was simply his choice.
