LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
In a dismal message to clients, the new president of FOREX MMCIS, has admitted that the FX broker is paralyzed and that it does not have enough money to support the trading operations of its clientele and to pay for withdrawals.
Last week, LeapRate reported that Russian FX company FOREX MMCIS had responded to a regulatory warning to investors by the Maltese Financial Services Authority by freezing withdrawals, suggesting that the end of the road was nigh for the company which operates in Russia and Ukraine.
The suspense which clients may have suffered has been brought to an end by this particular message by CEO Roman Kamysa which has been posted on FOREX MMCIS’ corporate forum less than two weeks after the implementation of anti-crisis measures by the company started, which involved cancellation of pending withdrawals and imposing a limit of $200 on all fresh withdrawal requests. The latest message by Kamysa brings more disturbing news to trapped traders, as the head of the company admits that the broker does not have enough funds to sustain trading operations and to complete requests for withdrawals.
FOREX MMCIS’s president puts the blame for money deficiencies on the partners of the broker and on payment systems, which, according to him, have illegally blocked client funds and have prevented the company’s access to the accounts of its clients. Kamysa threatens to disclose details about MMCIS’s partnerships and to say how much money each of the partners has gained through the broker. The disclosure is expected to happen next week.
Meanwhile Kamysa confirms that the verification procedure, which the clients need to pass in order to request withdrawals, is totally blocked and that he cannot do anything about it. Further confession is that “all of our money has been exhausted to fight the crisis”.
Another event that happened last week darkened further the reputation of FOREX MMCIS: one of its biggest clients and chief analysts – Konstantin Kondakov, announced on his Facebook page on October 15th that he was terminating his work with MMCIS for personal reasons.
The full announcement by Roman Komysa, along with subsequent comments, can be found here.
Latest research from Andrew Saks-McLeod (see all)
- FINRA Fines Goldman Sachs Execution & Clearing, L.P. $1.8 Million for OATS and trade reporting failures - July 27, 2015
- Full details of Malta’s new binary options regulation - July 27, 2015
- CMC Markets takes to the high seas at the Americas Cup – Live coverage from Portsmouth, UK - July 27, 2015
- One Financial Markets expands UAE operations with senior appointments and new offices - July 27, 2015