IronFX: Reactivation. The Chinese withdrew their lawsuits

The IronFX telenovela in the main role has been dragging on for the fourth year, and the situation has so far been unclear all the time. Now the new facts about the case are being shed by Finance Magnates, which published the documents that show that 93 Chinese ex-clients of the iron broker withdrew their lawsuits against the company.

Broker with a turbulent past

IronFX has operated globally and has over one million customers from around the world. He owed his success to bonus promotions and aggressive marketing, also from his partners. The beginnings of problems began in the 1,2 year. It was then that a large number of customers from around the world complained about the lack of payment and the total number of complaints exceeded 2014. According to various data, clients claimed from the broker a payment of a total sum of nearly 1000 million USD, of which only 176 thousand were disbursed. USD. It's more accurate we describe in this article.

She gained the greatest publicity in China. It was Chinese television that issued a report on IronFX and alleged irregularities in the company's operations (including lack of required licenses, disbursement of payments to partners, lack of opportunities to close profitable positions, and others). According to the consulting company rented by the broker, the entire report was questioned and considered unfounded.

CySEC did not find any fraud

The Cyprus Securities and Exchange Commission (CySEC), an institution that at that time oversaw IronFX (headquarters based in Limassol), carried out its own investigation. However, no evidence has been collected that the broker has committed a criminal offense. It was only stated that they existed "Reasonable suspicions that the broker has committed potential violations". As a result, the Cypriot IronFX license was suspended and the broker was fined (in relation to the sum claimed by the clients).

At the same time, CySEC stated that the blame was not on the one hand and that both the broker and selected customers were responsible for the current state of affairs, and the decision to suspend payments had its justification, to which IronFX had the right. The reason was the fact that the company was wrong to try to take advantage of the broker's bonus offers and this eventuality was to be included in the terms and conditions of the promotion. Probably Chinese traders have been hooked just under this paragraph.

Interestingly, customers from other parts of the world who had never participated in bonus promotions also complained about the lack of payouts. However, this thread has not been explained. It is also not known whether the claimants settled with IronFX or finally surrendered completely.

The current IronFX situation

IronFX did not give up and he wanted to stay in the game all the time. The company has passed under the wings of the British FCA regulator and the Australian ASIC. In addition, last year she received a large injection of cash in the form 100 million USD from the Middle East, as reported here. Bonus campaigns have also returned as well as the launch of an additional brand called FX Giants (FCA license). Will the company ever be able to restore its former glory?