Brexit: CySEC freezes the accounts of UK traders!

Cyprus's CySec appears to have ordered brokers registered there to close the trading accounts of British and UK residents. The decision is based on the fact that they lost their passport rights to offer their services in the UK due to Brexit.

This decision seems to follow a decision by the FCA which says that brokers based in Cyprus no longer have the right to market trading in the UK due to the Brexit at the end of this January.

Since many brokers have a license in each territory, they were asked to transfer these trading accounts to the UK so that they could operate via the local forex broker.

Brokers licenced in Cyprus are to return traders' funds or freeze the accounts of the UK clients, and this is to be done by this Sunday.

The companies targeted by this measure are Magnum FX, F1 Markets Ltd, Hoch Capital and Roedeler Limited.

None of the above companies have issued any statements yet regarding this. The drama persists...!