RoboForex, a retail FX broker registered originally in New Zealand, has announced that it will transfer all of the clients of its RoboForex LP business to RoboTrade, its new subsidiary in Belize. The transfer will be automatic and will start on November 5, 2014.
RoboForex LP has been registered as a Financial Services Provider (FSP) in New Zealand since October 2012, with the register still displaying that the company maintains this status. A representative of RoboForex stated to LeapRate today that the company does not plan to cancel its registration in New Zealand.
In connection with the relocation of the company’s client base, there will be changes in the client agreements at RoboForex LP, which will become RoboTrade Ltd, the most important being that all clients wishing to withdraw their money will have to pass a full verification procedure and some may be asked to provide extra data when logging into their live accounts. This has to do with the anti-money laundering (AML) policy pursued by Belize’s financial regulator – the International Financial Services Commission (IFSC). The broker announced it had obtained a license from the IFSC on October 21, 2014.
The change will apply only to clients of RoboForex LP and not to clients of RoboForex’s business in Cyprus. It has been confirmed to LeapRate that the clients of the Cypriot business will remain clients of RoboForex Cyprus, which will still be regulated by CySEC. There will be no change in the agreements for the customers of the Cypriot company.
The broker did not specify the particular reasons for the transition of its clients, however the company has stated that the move has to do with its global growth plans.
The official announcement by RoboForex can be read by clicking here.