IronFX has withdrawn from Russia and the website has removed registration listing from Italian, German, and New Zealand regulators.
The increasingly infamous broker, IronFX is once again embroiled in a rather unpleasant events. After actively in conflict with many of its Chinese clients, it is now reported that the company has withdrew from Russia and the website has removed registration listing from Italian, German, and New Zealand regulators.
According to a report by FinanceMagnates yesterday (24/6), IronFX has requested a withdrawal from Russian forex industry's self-regulatory body, CRFIN. As such, CRFIN terminated IronFX membership. Furthermore, FinanceMagnates found that it is a part of IronFX's wider withdrawal from non-core region, i.e: Russia and Eastern Europe. Many IronFX employees has been dismissed from the company, and there are a rise of job application from ex-IronFX employees.
IronFX themselves said that as the company already has Ukrainian UCRFIN registration, they consider it sufficient to cover the region. However, it is revealed later that IronFX has eliminated its registration in Italian CONSOB, German BaFin, and New Zealand FSP from the list of licences and regulations in its website. It means that the broker now is only listed as licensed in the UK FCA, Australian ASIC, Cyprus CySEC, Ukrainian UCRFIN, Dubai DFSA, and South African FSB.
As CySEC is under MiFID passport agreement, the license can cover the whole European region already. Still, the sudden pullouts give rise to many questions about what happen with the broker; especially because its image previously is potrayed as a multi-regulation broker due to the many licenses and fund safeguards it upheld. Aside of that, Russia and CIS is usually recognized as an important market for the forex industry; considering the current conflict between Ukraine and Russia, for what reason did IronFX choose to withdraw from the area!?