Ukrainian self-regulatory organization (SRO) of forex and CFDs brokers UCRFIN has announced that its membership of Cyprus headquartered brokerage IronFX has been suspended. After being a member for two years, the company has failed to make due payments of its membership fee.
The announcement has been publicized by the Ukrainian SRO over social media. Commenting to Finance Magnates the organization outlined: “IronFX Global Ukraine has been excluded from UCRFIN for systemic violations of the rules and regulations of the organization, namely non-payment of membership fees.”
“After the lapse of the payment deadlines set out by our agreement we haven’t received any funds nor has IronFX Global contacted us about a restructuring of the debt. Considering the current situation, the members of UCRFIN have been forced to exclude the company from the organization,” a spokesperson concluded.
IronFX joined the SRO in February 2014. When the company voluntarily left the Russian self-regulatory organization CRFIN back in June 2015, the company highlighted that the main reason for the exit is its membership in UCRFIN.
IronFX Global at the time insisted that the firm doesn’t need two SRO memberships for the same reason. After the exclusion of IronFX from UCRFIN, the Ukrainian organization is left with three members – Forex Club, TeleTrade and RoboForex.
The news comes a week after the announcement that IronFX Global will be taken over by a company called Nukkleus. The firm, led by Emil Assentato, has asserted that it is aiming to build a holding company which will own several brands globally.
The takeover has happened in the midst of numerous reports by clients of the company who claim that IronFX Global is withholding their funds for several quarters. The details, which were publicized by IronFX in the aftermath of the deal, have revealed that the company has downsized its operations dramatically in recent quarters.