The Cyprus Securities and Exchange Commission (CySEC) has officially withdrawn the Cyprus Investment Firm (CIF) license of Reliantco Investments Limited, the operator of UFX.com. The decision came after the regulator determined that the company had ceased offering investment services for more than six months.
Suspension of UFX Services
UFX, a retail brokerage specializing in forex and contracts for difference (CFDs), appears to have closed its operations. Last year, the company’s website announced that it had stopped providing investment services to users in multiple regions. Additionally, UFX blocked new account registrations and voluntarily renounced its CIF license.
In a statement, CySEC noted:
“On its meeting of 30th October 2024, CySEC decided to withdraw the Cyprus Investment Firm authorization with Number 127/10 of Reliantco Investments Ltd as the Company has not provided investment services or performed investment activity for the preceding six months.”
The regulator also identified three other domains associated with Reliantco:
- www.ufxaffiliates.com
- www.ufxpartners.com
- ufx.company
A Decline in Global Operations
Reliantco received its CySEC license in 2010, which allowed it to provide FX and CFD services across the European Economic Area (EEA) via passporting. The company also expanded its reach outside Europe, offering services in Asia and Latin America under a license from the Vanuatu Financial Services Commission. However, reports suggest these operations have also ceased.
A company spokesperson previously stated:
“UFX ceased accepting new clients several years ago and has not been actively marketing or acquiring new customers since 2018. As such, there was no need to be holding a license any longer.”
Regulatory History and Challenges
Reliantco’s operations have faced regulatory scrutiny in the past. In 2013, CySEC announced a settlement with the company for undisclosed violations, amounting to €100,000. Shortly afterward, this announcement was rescinded. At the time, CySEC highlighted the company’s “disproportionately high growth rate compared to its increase in personnel” and urged Reliantco to expand its staff, particularly at its Cyprus headquarters.
Despite these challenges, UFX had once been a prominent player in the retail forex and CFD market. The revocation of its license marks the end of its regulated operations under CySEC and its broader presence in the industry.
