ACFX suspension continued by CySEC as offices sit empty

LeapRate Exclusive… LeapRate has learned that the once-bustling offices of retail forex broker ACFX have been sitting empty now for more than a month, with some clients claiming that they have been unable to withdraw funds from their accounts over the past few weeks.

For visitors to the Forex hotbed of Limassol, Cyprus, ACFX’s offices along the main seaside strip right across from the beach (see picture above) are a well-recognized landmark, with written in big letters in two places on the outside of the building. ACFX’s building is now effectively empty, with a skeleton staff remaining to help General Manager Petar Gazivoda deal with the regulator in hopes of getting the company’s CIF license reinstated, and its business restarted.

ACFX suspendedIn the meantime, Cyprus financial regulator CySEC decided to announce yesterday (Greek only) that ACFX’s CIF license remains suspended. CySEC first suspended ACFX’s license for one month at the beginning of April. It then announced after the month had expired, at the beginning of May, that ACFX’s license suspension was continuing. And now, again.

While the company’s suspension is in force, ACFX:

  1. Cannot enter into a business relationship with any person and cannot take any new clients.
  2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.
  3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
  4. Cannot advertise itself as investment services provider and make advertising campaigns and announcements.
  5. Must upload on all of its websites that its CIF license has been suspended.
  6. Must, if existing clients so wish:
    1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
    2. Return to existing clients all of their funds and profits earned.


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