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.
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.