ACM Gold, formerly one of South Africa’s largest foreign exchange brokerages, is entering the crypto space. This move comes after the firm, established in 2004 and with a presence in South Africa, Nigeria, Pakistan, the UAE, Tanzania, Kenya, Malaysia, India, Macedonia, Croatia and Botswana, has shut down all its forex activities.
In a new development which the former broker announced on its website recently, it is “working on some very exciting things in the crypto world.” It has not offered any details, and there is no additional information to be found on the company’s social media accounts.
Its landing page displays two email addresses, one for “enquiries related to Crypto wallet, ICO’s [sic] and Blockchain” and the other apparently meant for people that want to launch their own crypto exchange.
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Interestingly, the email listed for general enquiries, with an ACM Gold domain, is apparently an invalid address. The other address has a domain name of firstgate.ae. Firstgate.ae is a United Arab Emirates-based technology company that offers an MT5 white label service to brokers and IBs, according to its website.
In August of 2017 ACM Gold announced in a statement that it would be giving up the foreign exchange business as of the first of September of that year to “focus solely on providing technical services to our introducing brokers affiliates, and institutional clients.” Moreover, it gave clients with open accounts 20 days to close their positions and withdraw their money.
The company was regulated by the Financial Services Board of South Africa, in what seems to be a complicated relationship. This license was suspended and then reinstated in 2013, then again in 2015. It signed a partnership with Tradable in 2014, and in June of 2017 it began to offer clients access to the MT5 platform, making it one of the first brokers in Africa to do so.
At the time of publishing, we have received no response whatsoever from ACM Gold representatives.