The Cyprus Securities and Exchange Commission (CySEC) announced today that the multi-asset brokerage firm AMP Global Ltd has renounced its Cyprus Investment Firm (CIF) license, as of September 2, 2024.
Although CySEC didn’t clearly state why AMP Global has decided to say goodbye to its authorization, the Cypriot watchdog has recently seen many regulated brokers opt to voluntary surrender their licenses of their own accord, and not as a result of any regulatory issues.
A visit to the broker’s website reveals that AMP Global has already proceeded with changes in its website to remove any references regarding authorization and supervision of the company by CySEC.
As of this date, AMP Global is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator gave the broker three months from that date to settle its obligations arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.
Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. Furthermore, AMP Global must provide confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients, according to the same CySEC announcement.
AMP Global operates as an online Forex and CFD broker that provides trading services to retail and institutional clients. The company, which has been operating for several years, is based in Cyprus with an additional office in Chicago, USA.
The broker is structured around two regulated entities: AMP Global (Europe), regulated by the Cyprus Securities and Exchange Commission (CySEC), and AMP Global Clearing (USA), regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) in the United States.
AMP Global offers a variety of trading instruments, including Forex currency pairs, CFDs on indices, commodities, cryptocurrencies, shares, and futures.
