Finance Magnates has identified a regulatory filing revealing that the UK Financial Conduct Authority (FCA) regulated unit of IronFX has been renamed. According to an official notice in the Companies House, IronFX Global UK Limited has been officially renamed to 8SAFE UK Limited.
The move happens only a couple of months after the departure of the CEO of the IronFX Global UK Limited, Stefanos Mitsi.
Commenting to Finance Magnates, a company spokesperson said, “This is purely a legal name change and does not affect the operating companies that will continue being branded as IronFX. Our FCA licence remains the same with registration no. 585561.”
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In the meantime, some of the brokerage’s clients who have had their withdrawal requests pending for months were contacted by the Cypriot Financial Ombudsman. The institution which has been collecting a €20 administrative fee for every complaint filed against IronFX, has stated that due to the high volume of work on the case it has taken a three month extension to complete its investigation.
The UK subsidiary of IronFX, IronFX Global UK Limited, has been regulated by the FCA since 2013 as a matched principal broker. As such, the UK company of IronFX could have been exposed to the Swiss National Bank (SNB) events from earlier this year.
In contrast to the Cyprus headquartered IronFX Global Limited which is a market maker, the UK-based entity could have been left exposed to the excessive moves in the Swiss franc pairs on the foreign exchange market on the 15th of January, 2015.