The Cypriot financial supervisory commission suspended shareholder rights over management issues at the regulated retail broker TriumphFX this week. The case involves the sole indirect shareholder, Chong Chun Hseung, and warnings issued by Asian watchdogs several years ago.

However, it turns out that TriumphFX has been on regulators' radar as a potential suspect for much longer. Search results also find posts from a decade ago, where retail traders accused the broker of activities allegedly similar to a financial pyramid scheme.

Hong Kong Warned about TriumphFX 8 Years Ago

Finance Magnates reported Thursday that the Cyprus Securities and Exchange Commission (CySEC ) has announced enforcement measures against local investment firm Triumph Int. (Cyprus) Ltd, which operates the TriumphFX trading brand.

The institution has halted Hseung's voting privileges, which are executed via the company's direct shareholder, CCH Triumph Cyprus Trust. Additionally, the authority has barred Triumph's executive directors, Christoforos Christoforou and Joel Prakash Benedict, from undertaking management responsibilities for two years.

According to CySEC, Hseung's impact on Triumph is perceived as harmful to the firm's stable and cautious management. This was confirmed by warnings from regulators in Singapore and Malaysia, published in 2021 and 2020, respectively.

However, as Finance Magnates has established, Asian regulators had already drawn attention to the potentially dangerous activities of the TriumphFX brand (also known as TFXI) as early as 2015.

A warning issued by the Hong Kong Securities and Futures Commission (SFC) concerned Triumph Global (Asia) Limited and its brand TFX Global, which used a local address to offer its services to clients from the special administrative region. However, the company did not have the appropriate SFC licenses to operate in Hong Kong and was then managed by Triumph International Limited located on the British Virgin Islands.

From G.S.E Golden Sky Europe Ltd to TriumphFX

According to the CySEC register, Triumph Int. (Cyprus) Ltd has been licensed to provide financial services since 2016. However, this license previously belonged to the entity G.S.E Golden Sky Europe Ltd, which was taken over by companies associated with TriumphFX.

Although this proves nothing, it shows that the operator of the TriumphFX brand took over another licensed business from the European Union to operate legally. However, the broker's actions had to be in accordance with regulations and not raise significant concerns with the regulator, if only legal steps were being taken in connection with the broker's activities now.

The story will certainly continue, especially since traders from various parts of the world, mainly from Malaysia, claim that TriumphFX promoted multi-level marketing at one time, and the opinions about it available online are very diverse.