The Cyprus Securities and Exchange Commission (CySEC) this week announced that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of three of its members.

This follows a CySEC decision to withdraw their Cyprus Investment Firm (CIF) authorisations.

Specifically, the ICF withdrew the membership of BrightPool Ltd, VPR Safe Financial Group Ltd, and FIBO Markets Ltd.

However, the commission explained that loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled.

It was also highlighted that the loss of membership status does not obstruct the initiation of the compensation procedure for covered clients.