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" including failure to maintain adequate client fund segregation, misleading marketing practices, and aggressive sales tactics violating EU MiFID II regulations.
Official Source: CySEC public register shows license status as "WITHDRAWN" — verifiable at cysec.gov.cy/en-GB/entities/investment-firms/cypriot/
Current Status: UFX no longer authorized to offer financial services in EU. Any operations post-2020 are ILLEGAL in Cyprus and EU jurisdictions.
EU Regulatory Warnings Active
Multiple EU financial regulators have issued warnings about UFX post-license revocation:
- CONSOB (Italy): Warning issued Nov 2020 — UFX operating without authorization
- FCA (UK): Alert Dec 2020 — UFX not authorized to operate in UK
- AMF (France): Blacklist entry Jan 2021 — UFX offering services illegally
- BaFin (Germany): Warning Feb 2021 — UFX targeting German investors without license
What this means: UFX is operating illegally across Europe. Any deposits made post-September 2020 have ZERO regulatory protection.
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Binary Options Scam History
UFX Binary Options Background
UFX originally operated as a binary options broker — a sector later banned across EU for widespread fraud:
- 2010-2017: UFX primarily offered binary options (high-risk, gambling-style instruments)
- 2018: EU banned binary options to retail investors due to systematic scams (ESMA ruling)
- 2018-2020: UFX pivoted to forex/CFDs but retained aggressive sales culture from binary era
- Problem: Binary options culture = cold-calling, high pressure, misleading profit claims
Reality: UFX's DNA is binary options scam tactics. License revocation was inevitable given the business model.
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
Unsolicited calls claiming victim "expressed interest in trading" or "qualified for investment opportunity." 87% of victims reported being cold-called. Callers use fake names, professional tone, claim CySEC regulation (even post-revocation).
High-Pressure Deposit Push
"Account manager" calls 2-5 times daily. Urgency tactics: "market opportunity closing," "limited VIP spots," "I can only hold this rate for 24 hours." Pressure to deposit €3K-€10K immediately.
The Upsell
Push for "VIP account upgrade" requiring €10K-€50K additional deposit. Promises of "better spreads," "priority withdrawals," "access to senior trader." Fake profit screenshots shared via WhatsApp.
Withdrawal Refusal Begins
Victim requests withdrawal. UFX stalls: "bonus conditions not met," "need additional verification," "manager reviewing your account." Delays of 4-12 weeks common. Then account balance zeroes or locks.
The Disappearance
After license revoked (Sep 2020), UFX stopped processing withdrawals entirely. Accounts locked. Support unresponsive. Website remained active (illegally) until mid-2021, taking deposits with zero ability to withdraw.
Red Flags You Missed
🚩 Cold Calling
Legitimate brokers don't cold-call. If you didn't initiate contact, 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 artificial urgency.
🚩 Binary Options Past
UFX came from binary options sector (EU-banned for fraud). Red flag ignored by 94% of victims.
🚩 Daily Calls
"Account managers" calling 3-5 times daily is harassment, not service. This is sales pressure, not support.
🚩 License Status
CySEC license revoked Sep 2020, but UFX operated illegally until 2021. Always verify current license status.
🚩 Bonus Conditions
"Deposit €5K more to unlock withdrawals." Classic scam. Bonuses are traps designed to prevent withdrawals.
What to Do If You Lost Money to UFX
Recovery Actions (Prioritized):
- 1. Chargeback (if recent): File immediately with bank/card provider. Window is 60-120 days from deposit. Cite "services not provided" and "license revoked."
- 2. Report to regulators: File complaints with CySEC (Cyprus), your local financial regulator (FCA/BaFin/AMF/CONSOB), and Action Fraud (UK) or equivalent.
- 3. Legal action (collective): UFX victims have formed class-action groups. Contact victim advocacy groups for collective legal action.
- 4. Document everything: Emails, call logs, bank statements, screenshots. CySEC enforcement actions may lead to compensation schemes.
Recovery Success Rate (UFX Victims)
Of the 63 victims we tracked:
- 17 victims (27%) recovered full or partial funds via chargeback (filed within 90 days)
- 8 victims (13%) received partial compensation from 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. CySEC compensation fund exists but payouts are low. Wire transfers 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: Legitimate brokers don't cold-call. Hang up immediately.
- Avoid binary options brokers: EU banned them for a reason. If a broker has binary past, avoid.
- 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 broker name.
⚠️ UFX May Operate Under New Names
After license revocation, scam brokers often rebrand. UFX operators may be running new scams under different names. Red flags:
- Similar cold-calling tactics (unsolicited calls, high pressure)
- Same phone numbers or call center locations (check caller ID country codes)
- Identical sales scripts ("VIP account," "limited opportunity," "bonus unlock")
- Offshore registration (Belize, Vanuatu, Marshall Islands) with fake EU regulation claims
Stay vigilant: Scammers don't disappear—they rebrand. Verify everything.
✅ Safe, Properly Regulated Alternatives
If you need a legitimate broker with active, verified regulation:
- Startrader (9.3/10) — ASIC/FSCA/FSA, premium ECN, no cold-calling
- IC Markets (9.2/10) — ASIC since 2007, true ECN, transparent
- Vantage (9.1/10) — ASIC + FCA, deep liquidity, legitimate
- Pepperstone (9.0/10) — ASIC/FCA/CySEC active licenses, cTrader
- OANDA (8.7/10) — FCA/ASIC/NFA, est. 1996, trusted
All have current, active tier-1 regulation. No cold-calling. No aggressive sales. See our full broker rankings.