Cyprus financial regulator CySEC has made an announcement that it is conducting an ongoing investigation into IronFX, after receiving an increased number of complaints against the company.
No determinations have been made at this point, with CySEC stating that it will publish its findings in due course. We believe that this is standard procedure for CySEC when investigations such as these are undertaken.
LeapRate has received an official response from IronFX:
The CySEC announcement is a standard announcement relating to our internal investigation of the abusive trading by clients in breach of our terms and conditions. We welcome the investigation that will prove there is no wrongdoing on behalf of the company and will put an end to the defamatory claims being made against the company. We have been working closely with CySEC to assist them and to date we have received no indications of wrongdoing. We have obtained several legal opinion and expert opinions supporting our actions to date.
CySEC issued the following announcement:
As a consequence of media reports and the increasing number of complaints submitted by investors against the Cyprus Investment Firm IronFX Global Ltd (the “CIF”), the Cyprus Securities and Exchange Commission (the “CySEC”) wishes to clarify that there is an ongoing investigation against the CIF with respect to possible infringements of the Legislation. Upon completion of the investigation, the CySEC will publish its findings and/or will proceed with further announcements in the meantime, if deemed necessary.
The CySEC examines the complaints submitted to it by investors, against any supervised entity, in the context of its statutory mandate. For complaints against Cyprus Investment Firms that relate to possible compensation claims, the investors are encouraged to contact the Financial Ombudsman, which is the competent body to examine compensation claims via an extrajudicial procedure, at [email protected]
Nicosia, 6 August 2015
To see the official CySEC press release click here.