Due to the increasing costs related to forthcoming regulatory changes, combined with market uncertainty and worsening conditions associated with inflation, including rising costs for the platform, BCM considers its business model to be no longer viable. Therefore, BCM has decided to voluntarily renounce its investment services license and terminate its operations as of September 26, 2023.
A detailed plan for an orderly exit and BCM's voluntary renouncement of its license has been carefully crafted and agreed upon between the regulatory authority, the Cyprus Securities and Exchange Commission (CySEC), and BCM.
In the following months, BCM will limit the scope of its services it is licensed for. BCM will not open accounts for new clients, while it will continue to provide full services to existing clients until July 31, 2023. Thereafter, BCM's clients will only be able to close their positions and withdraw their deposits until the scheduled termination date. Any remaining client funds not withdrawn by the termination date will be returned by BCM to the client's last known bank account and/or debit card.
For more information, you can contact the customer support team via email at support@begincapitalmarkets.com or by phone at +357 25 030 565.
10 June 2023
