Cyprus-headquartered BDSwiss has witnessed the departure of at least ten employees, including several top executives, in the past few days, Finance Magnates has learned. Additionally, dozens of traders on the platform have raised concerns about withdrawal issues.

BDSwiss Discontinuing Operations in "Certain" Regions

Meanwhile, BDSwiss has confirmed to Finance Magnates that they are restructuring their business and will discontinue operations in “certain geographical regions,” without specifying any jurisdiction.

“BDSwiss has made the decision to refocus and restructure its current business,” the broker wrote in a statement shared with Finance Magnates. “After assessing its global operations, management has decided not to continue operating in certain geographical regions. This decision has also impacted the staff at the headquarters.”

Interestingly, the broker secured a new license from the UAE’s Securities and Commodities Authority in the recent months.

The departed employees from the Cyprus offices of the broker include Achilleas Achilleos, the Chief Marketing Officer at BDSwiss; Nicole Heinrich, the former Chief Sales Officer; Marios Morfakis, the ex-Global Head of Sales; Nita Georgiadou, the former Head of Account Opening; and Vanessa Joyce, the former Country Manager. The broker's Head of Business Development at its Dubai office, Hassan Ibrahim, also confirmed on LinkedIn that he stepped down. Finance Magnates confirmed that at least ten people left the broker from its Cyprus and other offices.

There were also some departures among the remote teams of BDSwiss, which include Richard Jones, the broker’s Country Manager for Ghana, and two Market Analysts, Assumang Da-costa and Adnan Rehman, one based in Ghana and the other in Pakistan, according to their LinkedIn profiles.

Finance Magnates confirmed the exit of at least 9 employees, but a source informed the publication that the actual figure is much higher.

Departure of Top Executives

Achilleos was BDSwiss’ Chief Marketing Officer for the past couple of years. His other industry experience includes being the Marketing Executive of Skilling, another CFDs broker, and the Creative Director of ForexTime (FXTM). He also headed the marketing efforts of AGP Law Firm, Impact Tech, and a few other companies.

While Achilleos worked for BDSwiss for just over two years, Heinrich separated from the broker after more than eight years. She joined BDSwiss in mid-2016 as the German Account Manager and then climbed the corporate ladder to hold the position of Chief Sales Officer before her departure.

Georgiadou was another long-time BDSwiss employee who separated after almost six years. Morfakis also exited from BDSwiss’ Cyprus office and was the Global Head of Sales for about two years.

BDSwiss Is Facing Withdrawal Issues

Another interesting development is that the Trustpilot page of BDSwiss has received a wave of negative reviews in the last few days. All the complaints are about withdrawal issues traders were facing on the brokerage platform.

Out of the 36 reviews of BDSwiss on Trustpilot in the last 30 days, 31 were negative and related to withdrawal issues.

"It's been more than a week that I've been waiting for a withdrawal. The only thing that support says is, 'Sorry for the inconvenience, we are processing your withdrawal, we are having technical difficulties,'" one trader from Bolivia wrote on Trustpilot. "You are not a serious broker."

Another trader from Nigeria wrote: "I think BDSwiss is about to fold up anytime soon because most of the affiliate managers that work with them no longer pick up their calls nor respond to messages."

BDSwiss continued in its statement: "The industry has been facing challenges in recent months and only the most competitive brokers will survive. As part of its restructuring process, BDSwiss has experienced difficulties with delayed payments and withdrawals. However, all issues are being reviewed and will be resolved. We expect to share further positive news in the near future".