FNG has learned that Retail FX and CFDs broker ICM.com has applied to cancel the FCA license of its London based UK subsidiary, ICM Capital Limited.

The application was made on May 15, but the company must still meet the FCA’s standards in dealing with its customers. ICM Capital Limited has held an FCA license since 2010.

ICM.com UK has yet to publish its financials for 2023. However in 2022 the company posted a Net Loss of £1 million, on effectively zero Revenues. We reported exclusively at the time that ICM.com UK decided to withdraw from retail activity and focus on professional clients only, although it appears as though the company did very little of that. Client money held by ICM.com UK fell as at year-end 2022 to just £530,791, down from £4.27 million in 2021 and £6.09 million the previous year.

As recently as 2017, ICM.com UK (i.e. ICM Capital Limited) booked Revenues of £14.4 million.

ICM.com is controlled by founder and CEO Shoaib Abedi, via Luxembourg holding company ICM Holding SARL. The company also operates licensed subsidiaries in the UAE, South Africa and Switzerland, as well as offshore entities in Mauritius, Labuan, and Saint Vincent & the Grenadines.