National Bank of Ukraine withdraws Forex operations license of Concorde Capital

The National Bank of Ukraine (NBU) has earlier this week withdrawn the general license for FX operations of financial services company Concorde Capital LLC.

The license, No. 114-р, is withdrawn effective March 15, 2016.

The regulator did not elaborate on the reasons for the revocation but the company explained to Interfax that the license was withdrawn in response to its own request, and that another of its businesses will carry out the FX transactions.

Concorde Capital launched retail FX business PrivateFX in October last year. PrivateFX is known for taking control over the former clients of Forex Trend, which was deregistered in New Zealand in June 2015, with the deregistration directed by the Financial Markets Authority (FMA).

During the 11 months to May 31, 2015, New Zealand’s FDR scheme has received a total of 423 complaints against its members, with 60% of them coming from ex-clients of Forex Trend.

For the announcement on Concorde’s license revocation, click here.

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