Cyprus based Retail FX and CFDs broker SquaredFinancial has posted a note on its website (squaredfinancial.com) serving EU clients that the company is “implementing a strategic transition,” and has initiated the voluntary renunciation of its CIF License (No. 329/17) for Squared Financial (CY) Ltd.

As part of this process, the company will no longer onboard new clients.

Squared Financial (CY) Ltd has held a CySEC CIF license since 2017. The SquaredFinancial brand also operates an offshore business Squared Financial (Seychelles) Ltd at website sqfin.com.

Last month we reported that SquaredFinancial was fined €35,000 by CySEC, for violations around CFDs marketing to retail clients.

The LinkedIn profile of SquaredFinancial founder and longtime chief executive Philippe Ghanem shows him having left the company in October, although we believe that he remains a major shareholder of the company.

In a more detailed note to clients, Squared Financial (CY) Ltd wrote to clients the following message:

Notice to Clients and Prospective Clients

Squared Financial (CY) Ltd wishes to inform you that the Company has formally initiated a strategic and voluntary renunciation of its Cyprus Investment Firm (CIF) License, Authorization No. 329/17, under the supervision of the Cyprus Securities and Exchange Commission (CySEC).

This transition is part of a broader internal restructuring aimed at streamlining our regulatory framework and enhancing operational efficiency across our international group.

As part of this process:

The Company will no longer accept new clients or open new accounts under its CIF license jurisdiction.

We have initiated a structured and orderly wind-down of existing client relationships. All clients will be contacted directly with clear instructions regarding the closure of open positions and the return of any remaining funds.

We kindly ask all clients to ensure their contact details are up to date to support timely communication.

The Company will retain your data for as long as required under regulatory and tax obligations, after which it will be safely deleted. You may continue to exercise your GDPR rights at any time by contacting us at dpo@squaredfinancial.eu. For more information, please refer to our Privacy Policy here.

We sincerely appreciate the trust and collaboration of our clients and partners. Our team remains fully committed to ensuring a smooth, transparent, and well-supported transition throughout this process.