It was about a week ago that LeapRate reported that retail Forex broker RVD Markets, a company that claimed to have offices in Russia, the UK and the British Virgin Islands, started a bankruptcy procedure. The company has blamed Swiss franc losses for its demise.
The news left clients of RVD Markets grappling with the problem on how to get back their funds, given that the company had no regulatory license and, hence, no membership in a compensation scheme.
Earlier today, the broker provided some clarity to its clients, offering some information on their money refunds.
The better piece of news seems to be for clients who used UnionPay to deposit money, as they can now submit claims for the entire sum owed to them. Clients who used eComCharge face a longer journey to getting some money back, as the payment will be depend on priority lists that the payment processing company will be looking at.
RVD Markets said:
− Customers who had deposited funds through UnionPay must make request for withdrawal in the form “Withdrawal through UnionPay” on all available amount.
− Customers who had deposited funds through eComCharge will receive chargebacks based on the priority of lists provided by the representatives from eComCharge.
(Click on photo to zoom in).
There is still no clarity on timing of refunds, as the company says that the bankruptcy procedure has to be completed first and then funds to repay clients will be generated from unblocked accounts of the broker in banks and selling of some assets like software.