TriumphFX's history includes a decade of accusations and warnings from Asian regulators.
As it turns out, the first alert was sent by HK's SFC back in 2015.
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.
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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