IGM Forex temporary suspension has been lifted after four months following the broker's compliance with CySEC. But it’s not clear if they will reactivate their license once more.
November 4, 2019, | AtoZ Markets – IGM Forex suspension by the Cyprus Securities and Exchange Commission (CySEC) was rescinded today, ending a four-month action by the regulator. The lifting of the suspension coincides with IGM Forex’s compliance with CySEC regulations, following a violation of marketing relations in July.
CySEC Previously Suspended IGM Forex CIF License
On July 20, 2019, IGM Forex's CIF license was temporarily suspended because the brokerage had violated a number of law provisions:
1. section 10(1) of The Investment Services and Activities and Regulated Markets Laws of 2007 to 2016 (L.144(I)/2007) and Article 93(1) of Regulation (EU) 575/2013 (Own funds), and
2. Article 92(1) of Regulation (EU) 575/2013.
Since then, IGM Forex has not been authorized to onboard any new clients or advertise itself as a provider of investment services.
At the time of the suspension, CySEC imposed the punitive measures as the aforementioned violations may endanger the company’s clients’ interests or investor interests or generally the regular operation of the capital market.
IGM Forex Not Yet Back to Business
Fast-forwarding to the present, IGM Forex's temporary suspension has been lifted as the group has fully satisfied the requisite CySEC laws. Nevertheless, it’s not clear if it then applied to reactivate their CIF license once more.
After IGM Forex's suspension, their website (https://www.igmforex.com) went offline. Despite the CySEC decision, the website remains offline and no official statement has been made and no update is apparent.
Nevertheless, AtoZMarkets has reached out to IGM Forex for additional comments and is currently awaiting an answer.
Think we missed something? Let us know in the comments section below.