FXTM “Forex Time” Transfers Its Clients to Exinity Limited

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FXTM "Forex Time" Transfers Its Clients to Exinity Limited

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FXTM “Forex Team” headed by Andrey Dashin, co-founder of Alpari. It is licensed by such bodies as FCA in the UK, CySEC in Cyprus, FSCA in South Africa, IFSC in Belize. It announced Friday that it will transfer all legal rights to the FXTM brand, including the domain name www.forextime.com, from FT Global Limited, a Belize-based broker-dealer, to Exinity Limited. It is an authorized entity of the FSC in Mauritius.

 

FXTM "Forex Time" Transfers Its Clients to Exinity Limited
Part of FXTM's email to its clients

“Mauritius is rapidly becoming an internationally recognized financial regulator with a robust legal framework that provides protection to the public in non-bank financial products,” an FXTM spokesperson said. The spokesperson also indicated that international clients will have the opportunity to trade with the “newly regulated entity” with the same quality.

It may mean a newly regulated entity, some kind of undisclosed license or registration for ForexTeam, or some license to transfer a trade name for FXTM to operate in the Republic of Mauritius, but if it is meant Exinity Limited it has been licensed in Mauritius by the FSC since 2013, FS-4.1 Class 1 License Global Business License and Investment Dealer License No. C113012295. And Alpari International is already another trading name of Exinity Limited, the entity of CREDENTIA INTERNATIONAL MANAGEMENT LTD in Mauritius, a group that owns businesses in various fields established in 2012. You can read the details of the EXINITY LIMITED license from over here

FXTM "Forex Time" Transfers Its Clients to Exinity Limited
Exinity Limited license details
FXTM "Forex Time" Transfers Its Clients to Exinity Limited
Alpari is a trading name of Exinity Limited

It is not clear why the ForexTeam brand was moved from “FT Global Limited” in Belize to “Exinity Limited” in Mauritius, in fact we don’t think the reason is to expand away from the European Union. Indeed, international customers are registered in the Belize license except for some countries, including Belize itself. Expansion may be one of the reasons, as mentioned by most international news sites, but it is certainly not all of the reasons.

FXTM "Forex Time" Transfers Its Clients to Exinity Limited
Belize License to FT Global Limited

Expansion away from Europe

Several European brokers have reported a prolonged period of low trading volumes. According to Integral, average daily trading volume was $33.3 billion in February 2019, down 4% month over month. And this decrease in trading volumes is a result of the decision of the European Securities and Markets Authority (ESMA) to put an end to the leverage in August of last year.

Those leverage limits, along with a host of new regulatory restrictions, have forced many companies to seek regulated markets, outside of Europe. In the past year, we've seen companies obtain licenses in South Africa and the Bahamas, among other places, so that they continue to provide high leverage to their clients.

 

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