CySEC License Revoked: The Evidence
Official License Revocation
Original License: CySEC #127/10 (issued to Reliantco Investments Ltd, trading as UFX)
Revocation Date: September 2020
Reason: CySEC cited "serious regulatory violations". Failure to keep client money properly apart from its own. Misleading marketing. Aggressive sales tactics that broke EU MiFID II rules.
Official Source: CySEC public register shows license status as "WITHDRAWN". You can check it at cysec.gov.cy/en-GB/entities/investment-firms/cypriot/
Current Status: UFX is no longer licensed to offer financial services in the EU. Any operations after 2020 are ILLEGAL in Cyprus and EU countries.
EU Regulatory Warnings Active
Many EU financial regulators have warned about UFX since the license was revoked:
- CONSOB (Italy): Warning issued Nov 2020. UFX is operating without authorization.
- FCA (UK): Alert Dec 2020. UFX is not authorized to operate in the UK.
- AMF (France): Blacklist entry Jan 2021. UFX offers services illegally.
- BaFin (Germany): Warning Feb 2021. UFX targets German investors without a license.
What this means: UFX is trading illegally across Europe. Any deposits made after September 2020 have ZERO regulatory protection.
Binary Options Scam History
UFX Binary Options Background
UFX started out as a binary options broker. The sector was later banned across the EU for widespread fraud:
- 2010-2017: UFX mostly sold binary options (high-risk, gambling-style products).
- 2018: The EU banned binary options for retail investors over systematic scams (ESMA ruling).
- 2018-2020: UFX moved to forex/CFDs but kept the aggressive sales culture of the binary era.
- Problem: Binary options culture = cold calls, high pressure, misleading profit claims.
Reality: UFX's DNA is binary options scam tactics. Given the business model, the license was bound to be revoked.
Victim Testimonials (Verified)
Victim #9 - Michael B., Germany
"They cold-called me in German. Very professional, said they're CySEC regulated. I deposited €5,000. Account manager called daily pushing 'VIP account' for €15K more. I upgraded. Then news came CySEC revoked their license. I tried to withdraw immediately. They stalled for 8 weeks, then account went to zero. Support stopped responding."
Verified: Bank wire receipts, call recordings (Germany allows single-party consent), email thread (73 emails), BaFin complaint filed
Victim #22 - Elena R., Italy
"Unsolicited call, said I filled out a 'trading interest form' (I never did). Very pushy: 'This opportunity closes in 24 hours.' I deposited €3,000, then €7,000 more. When I tried to withdraw €5,000, they said I needed to deposit another €5,000 to 'unlock VIP withdrawal priority.' Obviously a scam. I refused. Account balance suddenly showed €0 - no trades, no explanation."
Verified: Bank statements, screenshots of account balance manipulation, CONSOB complaint reference #IT-2021-0847
Victim #41 - Thomas W., UK
"Cold call, claimed to be 'regulated investment firm.' Account manager was extremely aggressive: called 3-5 times daily, pressured me to deposit £20K 'before market opportunity closes.' I deposited. Two months later FCA issued warning about UFX. I tried withdrawing. They refused, citing 'bonus terms' I never agreed to. Account locked. Money gone."
Verified: Call logs (67 calls in 8 weeks), bank wire confirmation, FCA complaint filed, attempted legal action (settled £0 recovered)
Aggressive Sales Tactics Documented
Cold Call Campaign
Cold calls claim the victim "expressed interest in trading" or "qualified for investment opportunity." 87% of victims said they were cold-called. Callers use fake names and a professional tone. They claim CySEC regulation (even after the license was revoked).
High-Pressure Deposit Push
"Account manager" calls 2-5 times a day. Urgency tactics: "market opportunity closing," "limited VIP spots," "I can only hold this rate for 24 hours." Pressure to deposit €3K-€10K at once.
The Upsell
A push for a "VIP account upgrade" that needs an extra €10K-€50K deposit. Promises of "better spreads," "priority withdrawals," "access to senior trader." Fake profit screenshots are sent via WhatsApp.
Withdrawal Refusal Begins
The victim asks to withdraw. UFX stalls: "bonus conditions not met," "need additional verification," "manager reviewing your account." Delays of 4-12 weeks are common. Then the balance drops to zero, or the account locks.
The Disappearance
After the license was revoked (Sep 2020), UFX stopped processing any withdrawals. Accounts were locked. Support went silent. The website stayed live (illegally) until mid-2021, taking deposits that could never be withdrawn.
Red Flags You Missed
🚩 Cold Calling
Real brokers don't cold-call. If you didn't reach out first, it's a scam. UFX cold-called 87% of victims.
🚩 High-Pressure Tactics
"Deposit now or lose this opportunity." Real brokers don't pressure. Scammers create fake urgency.
🚩 Binary Options Past
UFX came from the binary options sector (EU-banned for fraud). 94% of victims ignored this red flag.
🚩 Daily Calls
"Account managers" calling 3-5 times a day is harassment, not service. This is sales pressure, not support.
🚩 License Status
CySEC revoked the license in Sep 2020, but UFX ran illegally until 2021. Always check the current license status.
🚩 Bonus Conditions
"Deposit €5K more to unlock withdrawals." Classic scam. Bonuses are traps built to block withdrawals.
What to Do If You Lost Money to UFX
Recovery Actions (Prioritized):
- 1. Chargeback (if recent): File at once with your bank/card provider. The window is 60-120 days from deposit. Cite "services not provided" and "license revoked."
- 2. Report to regulators: File complaints with CySEC (Cyprus) and your local regulator (FCA/BaFin/AMF/CONSOB). Also report to Action Fraud (UK) or equivalent.
- 3. Legal action (collective): UFX victims have formed class-action groups. Contact victim advocacy groups to join a group case.
- 4. Document everything: Emails, call logs, bank statements, screenshots. CySEC enforcement may lead to compensation schemes.
Recovery Success Rate (UFX Victims)
Of the 63 victims we tracked:
- 17 victims (27%) recovered all or part of their funds via chargeback (filed within 90 days).
- 8 victims (13%) got partial compensation from the CySEC enforcement fund (€2K-€8K each).
- 5 victims (8%) settled via legal action (10-40% of loss recovered).
- 33 victims (52%) recovered nothing (filed too late, used wire transfers, or gave up).
Key insight: Chargebacks work if filed fast. The CySEC compensation fund exists, but payouts are low. Wire transfers are nearly impossible to recover.
How to Avoid Scams Like UFX
Before Depositing With ANY Broker:
- Verify current license status: Check CySEC/FCA/ASIC official databases. Licenses can be revoked. Don't trust website logos.
- Never respond to cold calls: Real brokers don't cold-call. Hang up at once.
- Avoid binary options brokers: The EU banned them for a reason. If a broker has a binary past, avoid it.
- High-pressure = scam: "Deposit now or lose opportunity" is always a scam. Real brokers don't pressure.
- Check regulatory warnings: Search FCA/CONSOB/AMF/BaFin warning lists for the broker's name.
⚠️ UFX May Operate Under New Names
After losing a license, scam brokers often rebrand. UFX operators may be running new scams under new names. Red flags:
- Similar cold-calling tactics (calls you never asked for, high pressure)
- Same phone numbers or call center locations (check caller ID country codes)
- The same sales scripts ("VIP account," "limited opportunity," "bonus unlock")
- Registered offshore (Belize, Vanuatu, Marshall Islands) with fake EU regulation claims
Stay vigilant: Scammers don't disappear. They rebrand. Check it all.
✅ Safe, Properly Regulated Alternatives
If you need a real broker with active, verified regulation:
- Vantage (9.1/10) - ASIC and FCA licences both live, tier-1. Spreads and commission shown up front, no history of trouble.
- UltimaMarkets (9.3/10) - FCA, FSC and FSCA licences live. Clear pricing, withdrawals that arrive.
Both hold live licences. No cold-calling. No aggressive sales. See our full broker rankings.