iForex, a FX and derivatives broker, had a recent battle against Hungarian authorities. The Hungarian Financial Services Authority had suspended the broker for six months and issued a hefty fine.
After a comprehensive investigation the regulator found violations in;
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- money laundering legislation,
- and customer protection,
The Budapest Metropolitan Court decided to annul the decision of the Hungarian Financial Supervisory Authority (HFSA) of July 7, 2011 by which HFSA suspended the license of iForex. The fine imposed by the HFSA on iFOREX was also canceled by the court. iFOREX will now continue to operate as per normal.