Breaking: CySEC Announces That IronFX Is Under Investigation
Cyprus headquartered brokerage IronFX led by its CEO Markos Kashiouris is under scrutiny of the local regulator after withdrawal issues
Victor Golovtchenko
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Regulation
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Retail FX )
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2015-08-06T14:43:28+00:00
2015-08-06T14:43:28+00:00
After months of questions asked by Finance Magnates’ reporters and possibly other media outlets, the Cyprus Securities and Exchange Commission (CySEC) has broken its silence today. The regulator publicly announced that it is investigating the Cyprus Investment Firm (CIF) IronFX.
Numerous complaints from clients being denied withdrawal requests have been flocking into the offices of CySEC, which prompted action by the regulator. The broker has put the withdrawal requests of dozens of its customers on hold, on the grounds of an ongoing investigation into bonus abusing by its clients.
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CySEC wishes to clarify that there is an ongoing investigation against IronFX
“CySEC wishes to clarify that there is an ongoing investigation against IronFX with respect to possible infringements of the Legislation. Upon completion of the investigation, the CySEC will publish its findings and/or will proceed with further announcements in the meantime, if deemed necessary,” the official statement issued by the regulator reads.
Online groups of traders have been organized and a number of the brokerage’s customers have voiced their concerns about pending withdrawal requests.
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An IronFX representative has officially stated to Finance Magnates that the account holders complaining about pending withdrawals amount to 0.17% of the active client base of the company. On the other hand, clients with pending withdrawal requests have been complaining that their emails to the broker have remained unanswered for months.
Dozens of the brokerage’s Russian clients have been posting on online forums that they have not received any replies to their withdrawal status requests ever since the broker pulled out of CRFIN and decided to close its office in Russia.
We welcome the investigation that will prove there is no wrongdoing on behalf of the company
Commenting on the regulatory announcement, a spokesperson for IronFX shared with Finance Magnates’ reporters, “The CySEC announcement is a standard announcement relating to our internal investigation of the abusive trading by clients in breach of our terms and conditions.”
“We welcome the investigation that will prove there is no wrongdoing on behalf of the company and will put an end to the defamatory claims being made against the company. We have been working closely with CySEC to assist them and to date we have received no indications of wrongdoing. We have obtained several legal opinion and expert opinions supporting our actions to date,” the statement concluded.
So what?
This is not news. Investigation has been going on for months and because they cannot find anything they wanted to cover themselves and made an announcement today.
Markos quit trolling
I used Mirror account and can not withdraw money from STP account. Ironfx is Scam
you can even contact the Fund Manager that filed the case ) lol
And yes, looks like a legit scam
“An IronFX representative has officially stated to Finance Magnates that the account holders complaining about pending withdrawals amount to 0.17% of the active client base of the company” — > I don’t know why there are this statement , Almost trader can not withdraw money from Ironfx. On the other hand, Cysec can not support trader when broker has problems. So, We can not believe brokers when they already got Cysec license.
IronFX, the biggest joke in FX Industry.
Markos Kashiouris, the biggest thief in FX Industry. Cysec still havent notice that they are using clients funds to cover their operative costs? Or they are dum enough to believe on the so called “abusers” by IronFX?
Time to close this kebab shop once and for all!
I agree, he is the wolf of Cyprus, personal friend of President of Cyprus, Markos Kashiouris scam both investors, employees and ex-employees.
Cyprus will lose the remainings of it’s credibility with both brokers and traders in case this “operation” does not get shut down some time very soon.
Sometimes you need to cut off a finger to keep the body alive.
We have plenty of judges in this court as usual.
This is a company, among the very few, that never received a single fine BTW.
Let the regulators have their verdict and in the meantime you may employ alternative marketing techniques to attract clients.
With the president of Cyprus inaugurating the Head Office, I don’t think they will receive and fines.
Mick. Clients’ funds is the issue. Not the ponzi-scheme-like marketing.
Ironfx is a scam in every way, they close their offices and leave without pay to former
ex-employees. the latter is Uruguay’s office that closed on June 30, the same day dismissed employees and to date the outstanding wages have not been paid, the directors are hidden and no one answers or emails or calls.
IronFX will get away with it. Anyone looking for justice here will be disappointed. You see, the problem lies with the President of Cyprus himself. He and Mr Economides (The Co-Founder of IronFX) are good friends and the president himself pulled strings so that IronFX can get away with whatever they wanted. CySEC know this as they probably got calls from the president himself requesting to “assist IronFX” in whatever they needed. I mean look, the president himself inaugurated the head office at the grand opening: http://www.ironfx.com/en/about/company-news/inauguration There is even a plaque outside the entrance stating so. Seriously…how embarrassing. The… Read more »
Proof on website: http://www.ironfx.com/sites/default/media-gallery/ironfx-inauguration/slideshow/photo16.jpg
And just in case they remove it: http://i.imgur.com/OnM2BHi.jpg?1
Found this gem: http://365scope.com/
This guy must be really upset.
It is unfair that the local regulator turns a blind eye to this particular serious case. The least should have suspended the license of the company during their investigations and not let the company continue its operations and collect more clients money that will not be returned at the end.
I am with iron for 2 years, and I can say that I never had any problem with withdrawals. I made 2 yesterday as a test after I read rumors(bad things) , one was a credit card the other was a bank transfer. Both of them was approved today. The bank trAnsfer is already on my account the other takes usally 1-2 days after approval.
I’m not protecting them, just telling you my experience.
Bx
o,17 % ? this is a joke.Markos Kashiouris fraud money
Why no comment from client groups sueing ironfx? Why no challenge to the BS spouted by Ironfx? I was explicitly told by my account manager that I would never be paid because”ironfx has serious liquidity issues”.
Finance magnates needs to do some proper journalism and reflect all sides of an argument.