Breaking: Criminal and Civil Charges against EXANTE Dropped

Maltese authorities have dropped all charges against the brokerage after making big headlines earlier this year

EXANTE has just announced in a public statement that all charges against the brokerage have been dropped by the Maltese Attorney General and all local government bodies. Aside from the company, the decision also affects charges against the company’s directors.

With the temporary freeze of bank accounts, which included client funds ordered by a Maltese court in August, the company has been unable to provide customers access to client funds. Restrictions on the use of all of EXANTE’s bank accounts have been lifted, hence removing all obstacles for clients to access their funds.

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The company was surprised from the outset of the investigation, asserting that the hurdles for its operations were caused by a lack of understanding on its business model.

We were sure from the outset we would be cleared of all wrong doing

U.S. authorities including the Securities and Exchange Commission (SEC) and the Federal Bureau of Investigations (FBI) have claimed linkages to a trading hub in Ukraine, which used insider information for making investment decisions.

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According to the information provided back in August the hackers were stealing data from various newswires. The traders have come up with ingenious ways to conceal their dealings including order execution through a number of OTC products such as contracts for difference (CFDs).

With the case quickly escalating in local and global media, the Maltese Financial Services Authority (MFSA) was rumored to have become much more rigorous when accepting license applications from FX brokers.

Speaking to other brokers who were licensed by the MFSA in the past, Finance Magnates’ reporters were told that representatives of the regulator have not demonstrated adequate knowledge of the business model under which foreign exchange brokers are operating.

In an official press release published on the broker’s website, its Communication Director, Patrick J. O’Brien, said, “We were sure from the outset we would be cleared of all wrong doing. We have been very transparent with the MFSA, our regulatory body, and were able to provide all documentation to all parties that proved the company’s innocence in these matters.”

“We would like now to continue doing what we do best, and are so thankful for the support from our clients, local businesses and, of course, our staff,” concluded Mr. O’Brien.

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