The ACFX broker loses the Cypriot license

ACFX, a Cyprus Forex company based in Limassol, has been stripped of its brokerage license. What is the reason for this? Let's recall the whole thing from the beginning. CySEC, responsible for the regulation of the local financial market, decided in April 2016 to temporarily suspend the license (we wrote about it April 7, 2016 HERE). Then he made several decisions to extend this suspension (we wrote about it 25 May 2016. HERE). The reason was numerous breaches of regulatory conditions, the most serious of which seemed to be failure to maintain adequate capital security for client transactions.

Broker's reaction

Losing my license was just a matter of time. The broker practically abandoned its headquarters in Cyprus in the spring of 2016 and it is not known if it took any action to return to the game.

The Cypriot broker has never been known in our country, although two years ago he tried to storm the Polish Forex market.

ACFX is still in arrears with the payment of several million USD in deposits to its clients. Both sites under which the broker operated - http://www.acfs.eu and http://www.acfx.com - are not responding at all.

CySEC Ultimatum

ACFX got three months of time to completely complete its current activity based on the issued (and currently withdrawn) license, as well as to fulfill all obligations arising from the provision of these services.