Squared Financial paid two separate CySEC settlements in November 2025 and surrendered its Cyprus investment-firm license the following month. Clients of its remaining Seychelles unit later reported unanswered withdrawal requests and difficulty reaching support.
Two Settlements Before the Cyprus Exit
CySEC reached a €35,000 settlement with the Cyprus entity over retail CFD marketing and a separate €50,000 settlement involving SQ Sey Ltd. The latter followed an investigation into whether business licensed in Seychelles was being conducted in or from Cyprus between October 2022 and September 2024. A settlement is not an admission of wrongdoing.
Founder and chief executive Philippe Ghanem left in October 2025. On 17 December, the company said it would stop taking new Cyprus clients and begin an orderly wind-down. Its Cyprus retail operation subsequently closed.
Complaints Continued Offshore
Clients associated with the Seychelles entity reported in June and July 2026 that they could not withdraw funds or obtain answers from support. Independent monitoring records 53 complaints in total, including allegations of withdrawal blocks, account lockouts and unresponsive service. These are client allegations, not adjudicated regulatory findings.
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An offshore license does not erase wind-down risk
Two settlements and a license surrender within weeks demand more scrutiny than the phrase strategic transition suggests. Clients should verify which entity holds their account and whether withdrawals are processing normally.
About Squared Financial
Squared Financial is a forex and CFD group whose Cyprus retail authorization was surrendered in December 2025. SQ Sey Ltd retains a Seychelles securities-dealer license, while the group also has an Australian institutional authorization.
Frequently Asked Questions
Is Squared Financial still regulated?
Its Cyprus license was surrendered. Public records cited in the source material show a Seychelles license remaining active.
Why did Squared Financial leave Cyprus?
The company described an orderly wind-down and strategic transition after two CySEC settlements totaling €85,000.
Can clients withdraw from Squared Financial?
Some clients reported unanswered requests in mid-2026. Those reports are allegations and may not represent every account.
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