ICM.com Took Two Years to Give Up Its FCA Licence. Is It Still Regulated?

ICM.com has officially given up its UK Financial Conduct Authority (FCA) licence, almost two years after the cancellation process first began.

The FCA register now shows ICM Capital Limited as No longer authorised. The notice states that the firm can no longer provide regulated activities or products in the UK, although it was previously authorised by the FCA and/or PRA.

For a broker that had held UK authorisation for years, this marks a clear change in its regulatory structure.

What licences does ICM.com still hold?

According to WikiFX data, ICM.com still has regulatory records in other jurisdictions, but they are not the same as an active FCA retail licence.

WikiFX currently shows that ICM Limited holds an Abu Dhabi Global Market (ADGM) licence in the United Arab Emirates. The licence type is listed as Institutional Forex Execution (STP), with authorised activities including forex trading, securities trading, bond trading, and cryptocurrency trading.

However, the licence page also notes that this licence does not authorise retail activities. The customer type shown is Institution. This means the ADGM licence should not be treated as general retail-client protection.

WikiFX also shows that ICM Capital Limited holds a Seychelles Financial Services Authority (FSA) licence. The licence type is listed as a Derivatives Trading Licence, covering areas such as futures trading, financial derivatives trading, securities trading, bond trading, options trading, and other financial product trading.

At the same time, WikiFX marks this licence as Offshore Regulation and notes that it operates under a light-touch regulatory framework. Offshore regulation usually carries a lower level of investor protection than major onshore regulators such as the FCA.

Has ICM.coms regulatory safety changed?

Yes. From a regulatory-quality perspective, the removal of the FCA licence represents a clear downgrade.

An FCA licence is generally viewed as a stronger regulatory credential because of the UKs stricter rules on client protection, reporting, conduct, and supervision. Once that authorisation is no longer active, users should not assume that the same UK-level protections still apply.

ICM.com is still shown on WikiFX as holding other licences, but their protection scope is different:

The ADGM licence shown on WikiFX is institutional in nature and does not authorise retail activities. It may support certain institutional business, but it does not directly answer whether retail clients receive the same protection as they would under an FCA retail-facing licence.

The Seychelles licence gives the broker an offshore regulatory status, but offshore supervision is usually lighter and offers more limited protection compared with stricter financial centres.

WikiFX regulatory score falls to 3.92

Following the change in licence status, WikiFX currently shows ICM.com with a regulatory score of 3.92.

That score reflects the brokers current regulatory mix: the FCA licence is no longer active, while the remaining licences are either institutional in scope or offshore in nature.

The key point is not whether ICM.com has any licence at all. It still has regulatory records. The more important question is what those licences actually cover, which client types they protect, and whether they provide the same level of oversight that the former FCA licence once did.

For users reviewing ICM.com today, the licence labels should be read carefully. A broker may still be regulated in some jurisdictions, but the level of protection can change significantly when a major licence such as the FCA authorisation is no longer in force.

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