VPR Safe Financial Group, the operator behind the FXand CFD broker brand Alvexo, relinquished its Cyprus investment firm (CIF) license.The Cyprus Securities and Exchange Commission (CySEC)confirmed the firm’s license withdrawal today (Monday), marking anotable exit from the country’s regulated investment sphere.The company’s departure follows regulatory scrutinythat culminated in a settlement announced by the regulator last year. Althoughdetails of the violations were not disclosed explicitly in the recentstatement, the settlement indicated concerns over regulatory adherence withinthe firm’s operations.This action may have played a role in the company’sdecision to relinquish its operating license. With the formal withdrawal of itsCIF license, VPR Safe Financial Group steps back from offering regulatedinvestment services under the Cypriot jurisdiction.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.