The Cyprus Securities and Exchange Commission (CySEC) has announced that the license of Maxiflex Ltd, which operates under the EuropeFX brand (europefx.com), has been revoked. According to CySEC, the company violates the rules by carrying out activities that are not specified in its authorization, and it does not always comply with the terms of its authorization. Within one month, Maxiflex must take the necessary action to comply with its authorization provisions. During this time, the company is not allowed to provide investment services, enter into any business transactions and accept new clients, nor to advertise itself as a provider of investment services. Maxiflex will only be able to complete all its transactions and return all funds belonging to its customers.
In December 2020, CySEC announced that it had reached an agreement with Maxiflex Ltd (a fine of EUR370,000) on possible violations of the Investment Services and Activities and Regulated Markets Act 2017.