The Cyprus Securities and Exchange Commission (CySEC) has outlined the conditions and processes of its Investor Compensation Fund (ICF), which will help restore funds to clients of CommexFX, a controversial broker formerly operating in Cyprus, per a regulatory circular.
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Back in April, CySEC clamped down on CommexFX following a lengthy saga between the regulator and broker. The full withdrawal of CommexFX’s CIF license came after the broker’s multiple transgressions, which endangered client funds. CommexFX had previously operated mainly in Egypt and China as well as other Asian markets.
Last week, clients of CommexFX were able to tap into the Investor Compensation Fund (ICF). The Cyprus Securities and Exchange Commission (CySEC) issued a statement to inform the public that customers of the brokerage that haven’t received their money can now apply for compensation from the ICF following a waiting period of nearly two years.
The latest update outlines in detail how clients can apply and utilize the ICF, which can be accessed by the following link. Furthermore, former clients seeking compensation can submit a letter to the offices of the ICF, accompanied by all supporting evidence, for example client information, copies of covered services agreement, statements regarding accounts, documents proving that money was deposited, etc.