The UK regulator targeted not only the scheme promoters and operators, but also other unauthorised parties who took part in the scam.
The FCA did not respond to a query about attempts to shut down the firm in Cyprus.
Injunctions and restitution
A deputy judge declared that the company, and the defendants carrying out business under the name Noerus Capital, unlawfully promoted and purported to operate a managed foreign exchange trading facility between December 2014 and November 2015.
The court also issued injunctions against the scheme and ordered the defendants to pay compensation of £1,230,298.41 to cover the loss suffered by the investors.
However, it is unlikely investors will get all of their money back as the FCA has not been able to identify sufficient assets to cover the full amount of losses.
The court also continued a freezing injunction against Noerus Investments Limited to assist in the recovery of any further funds.
Mark Steward, FCA director of Enforcement and Market Oversight, said: “The FCA will continue to use its powers to strike down firms carrying on unauthorised regulated activities without FCA approval, to recover losses caused by misconduct and to hold accountable all those involved, including facilitators.”