Exclusive: MEX Europe in Discussions to Sell Client Book
The company owned by Marcus Cumberland is officially winding down its UK business.
FCA-regulated company MEX Europe has applied for the cancellation of its license and is no longer accepting new clients. The company owned by Marcus Cumberland has been in discussions to sell its client book.
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The news comes after MEX Europe and MEX Group parted ways last year, as the latter sought alternative partnerships to operate on the European market. A deal with AFX Markets Ltd is in the late stages of discussion but has not been finalized.
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In its latest UK Companies House filing, the UK firm reported a turnover that was approximately $1 million. Since applying for the cancellation of its license, the company has been facing pressure to close its doors and has been looking to sell its book. The number of clients that the company has should be relatively small.
According to a statement on the website of MEX Europe Limited, the company is winding down its regulated UK business. Client accounts will be transferred prior to the 12th of March 2018. As the amounts are finalized, funds will be transferred to a new entity, with customers being advised to contact the customer services team of the acquirer.
As to MEX Europe, the company will continue to remain operational until it fully winds down its UK business. According to information displayed on the website of MEX Europe, complaints from former customers of the company will be handled by MEX Europe Limited.
Clients are to expect email confirmations around the date of the transfer of their account to confirm the successful migration.
Cumberland regulatory record speaks for itself… first in business with Israelis then the Greeks now back with the Israelis and Ukrainians ! … he has already (see former name Ikon capital) got kicked out of the NFA for wash trading and now looks like he ihas beeen banishes by the FCA who have their knives out … the website of the company is offline now so doesn’t look to promising
Cumberland has always been dealing with Israelis and Ukrainians and Greeks… Stay away from him and his companies because his record of wash trading with the NFA and CFTC speaks for itself… looks like the FCA have now asked him to get out
I have not lived or worked in the United States since 1998 when I was Vice President of GNI in Chicago. Upon leaving the United States, I withdrew my association with the NFA and I have not been or required to be registered with the NFA for last 20 years. It is therefore rather comical that ‘Josh’, (above) would make such a sweeping and false statement that I had been kicked out by the NFA for ‘wash trading’, when I have not been regulated by the NFA for 20 years. As much as a spineless troll like ‘Josh’ may assume… Read more »