Exclusive: Currency Mountain Holdings Controlled Nukkleus to Acquire IronFX
A previously dormant company listed on OTC Markets is becoming a multi-brand holding focused on forex and CFDs trading.

Currency Mountain Holdings has become the owner of a larger holding company that is setting its sights on controlling multiple brands in the retail foreign exchange space, the owner of the company Emil Assentato has confirmed to Finance Magnates.
Emil Assentato said that he controls at least 80 per cent of the shares of Currency Mountain Holdings and that the company controls over 80 per cent of the shares of Nukkleus.
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The firm Nukkleus has the right to use the Forexware brand name and as of last week, IronFX Australia. Mr Assentato was recently appointed as the CEO, president, secretary and treasurer as well as chairman of the board of directors of the OTC Markets listed company Nukkleus.
the assets of Nukkleus include Forexware
One of the first actions of the firm’s management was to acquire 100 per cent interest in the entity that controls the Australian operations of IronFX. The entity, previously reported to be owned by IronFX Global, was separated at the beginning of this year and the name of the Australian Securities and Investments Commission (ASIC) regulated firm was changed to BVI registered GVS Limited.
With the assets of Nukkleus including Forexware, the company is aiming to use multiple brands, its own technology and execution.
With the acquisition of GVS Limited, Nukkleus acquires the Australian brands of IronFX, including IronFX Australia and FXGiants. The deal also includes a 9.9 per cent stake in IronFX Global which was purchased from a BVI corporation called IBIH Limited, quantified with the purchase of 2,200 shares.
An initial investment of $1 million was made into Nukkleus. An initial payment of $175,000 was paid on May 27th, 2016. The remaining cash portion of the deal is expected to be transferred on June 7th, 2016.
Initially there are over 190 million shares outstanding of Nukkleus.
While the listed value of the shares of Nukkleus on the OTC Market is currently $1 per share, the real value of the shares is not known, since the company has been dormant and its stock has not been trading.
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Nukkleus will include two major global brands
Emil Assentato explained to Finance Magnates: “Our step today in acquiring IronFX Australia is just a first step towards our long term strategy of identifying leading brands around the world inside Nukkleus. I wish to emphasize that our method of operations will be for each brand to maintain its own autonomy and separate operating identity.
What we are contemplating is that Nukkleus will operate in parallel several global leading brands. The first step for the company is the acquisition of IronFX Australia.
The companies will share resources, with a multitude of brands, making Nukkleus a multi-branded public firm, that is focused on technology in FX space and the execution of client orders via the brokers.
We are always concerned and cautious and we will make sure to do our diligence right, Nukkleus has always adhered to highest standards of execution and we don’t expect the new operations to be any different.”
Every operating entity and brand entity under the ownership structure under Nukkleus will remain as it is, with more efficient use of resources and regulatory requirements.
The acquisition of the Australian entity of IronFX, GVS Holdings is subject to a notification about the change of ownership of the firm which has to be submitted to ASIC.
Second round of the deal
According to a regulatory filing with the U.S. Securities and Exchange Commission, Nukkleus has agreed to acquire the remaining 20,000 outstanding shares of capital stock of IBIH, which owns the remaining business of IronFX for 219,844,000 shares of common stock in an all shares deal.
This part of the agreement is subject to approvals from the U.K. Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC). The announcement details that after the acquisition of the parent company of the IronFX brands, Nukkleus will be required to inject $1,000,000 into the firm for operations.
Prior to the second part of the deal, Nukkleus is required to enter an option agreement with FXDD Malta Limited and FXDD Trading Limited stating that the company may acquire 100 per cent of both companies. It’s expected that in order to complete the transactions Nukkleus is going to issue additional shares. The deal is subject to a regulatory approval.
In the event that the second part of the deal is not completed before November 28th, 2016, the $1,000,000 paid to the parent company of IronFX, IBIH, as part of the first phase of the deal, will be returned to Nukkleus. IBIH will also assign the 24,156,000 shares of common stock of Nukkleus back to the company, while Nukkleus will transfer all equity held by Nukkleus in IronFX Australia back to the parent company of IronFX, effectively reversing the acquisition.
Following the second closing, the board of Nukkleus shall consist of six members which include Emil Assentato, Craig Marshak, who is the investment banker advising the parties on the deal, Markos Kashiouris, Peter Economides, Stathis Christophi and an additional representative who is to be appointed by Currency Mountain Holdings LLC.
Read the 8K properly and the Share Purchase Agreement which is an exhibit. This is a merger with all of FXDD is optioned for $1.
Not quite, that doesn’t mean the value of FXDD is $1. Nukkleus is issuing new shares to purchase it, the deal is not in cash.
Isn’t this in effect a merger of FXDD with IronFX? Have read the 8K and this seems to be the end result. I would be grateful if you clarify this point.
According to the firm, every operating entity and brand entity under the ownership structure under Nukkleus will remain as it is. The idea I believe is to have a public holding group, just like Playtech tried to do with markets.com, plus500 and avatrade – they never planned on merging, but to keep holding all brands as separate operational entities.
Thanks, makes sense given the overcrowding and lack of differentiation. The revenue opportunity is there but requires sharing of costs and regulatory capital to make decent returns.
What is your view?
Who is backing them. The rumor is that a major PE fund is providing a warchest for acquisitions and two further targets have already been identified.
This is good news for the industry.
More regulation and more transparency are always welcome.
how it affects those who do not pay the IronFX a year ago?
did Currency Mountains make any comment on the issues surrounding IronFx with some clients having withdrawal issues? Not sure if that is only the Cyprus entity….but the reputational damage would affect other IronFx divisions, wouldn’t they?
Perhaps that would explain the rather quick name change?
Friendly advise.
The faster you digest the news and employ different marketing techniques instead of attacking competition with vague and unsubstantiated arguments the better will be for you, because according to the article you are wasting your time.
does that mean that ironFX’s retail creditors have been bought over? and thus are now obligated to get paid?
No, this means that the fictional creditors you created in your mind based on rumors and coffee shop discussions with the lads at the local coffee shop, will have their fictional credit processed as usual.
.
Glad to see brokers entering the NASDAQ and being checked by SEC. SEC reports has all the details guys https://www.sec.gov/Archives/edgar/data/1592782/000161577416005799/s103434_991.htm
IronFX is a scam and the fact they are managing for so long is because of CYSEC inability to control them .. big political game at the back of it and guess who the loser is ..
Nukkleus will realise the shit they are getting into soon .. very soon
Amazing opportunity for all of us ! Incredible to see Cypriot based brokers entering NASDAQ and being checked by SEC !
I’me very interested/curious how this develops, this Nukkleus has been thru some issues before and they deserve for this to come together!
Maybe it won’t take till the end of November to happen?
Yes I agree hope to see some movement earlier! Really trusting SEC and NASDAQ and whatever issues Nukkleus had now with IronFX and FXDD I think they will do great!
Once again.. the company is NOT listed on NASDAQ. Anyone who is claiming this is not basing this on any facts.
I think you should read more about this matter as, the merged company (IronFX and FXDD) is planning to go public on Nasdaq via a reverse takeover of Nukkleus of an existing publicly traded company!
Do not just throw things out there without proof.
I think that it is you who isn’t providing any proof. The company’s management above and the SEC filing mention nothing of NASDAQ.
I totally agree with James! I personally I am a fan of LeapRate – I usually read them but lately I am starting to like Finance Magnates as well as they seem very transparent and helpful with information! I too believe the merged company will eventually enter NASDAQ a lot of sites agree like Leap Rate and Forex Factory
eg
https://www.leaprate.com/2016/06/ironfx-and-fxdd-to-merge-go-public-on-nasdaq-in-reverse-takeover-leaprate-exclusive/
No need for negativity
Markos strop trolling FM with your fake news, nukkelous is a worthless shell with no trading activity in pink sheets and will never get to NASDAQ, plus they bought 100% of IronFX for valuation of $10million – somewhat different from your own self PRd valuation of $800m – as reported by same credible resource you just mentioned.. unfortunately it’s unlikely that IronFX’s clients will see a better future either way