20 May AtoZForex, Vilnius - DMM FX Australia, an ASIC regulated Forex broker, has decided to terminate its operations in Australia. This news was announced today by DMM FX through a note to its clients, stating that DMM FX Australia shuts down in July. A remarkable move, as a month ago the Forex broker just added the ChartIQ WebTrader trading solution for its clients. Also, DMM FX Australia has only been active on the market since October 2013, which comes down to less than three years.
DMM FX Australia is a member of the DMM Group, a global provider of online trading services. Aside being licensed through the Australian Securities and Investments Commission, the group also possess a license with the Financial Services Agency (FSA) in Japan. When DMM FX Australia was inaugurated, the plan was to turn the ASIC regulated broker into the global operating hub. Yet, it seems like the plan has changed, considering that DMM FX Australia shuts down this coming summer. A decision that has been confirmed by a representative of the Forex broker, who stated:
"We are regret to inform you that DMM FX Australia Pty Ltd (DMM FX) has made a business decision to cease its current operations in Australia. DMMFX is going to cease operation on 30th July."
Until when can I close my open position?
In today's client's note, DMM FX Australia informed its clients that they will need to close all of their open positions before the 30th of July 2016, 03:00 AM Australian Eastern Standard Time. If the clients don't manage to close their open positions by the specified date, all open positions will be automatically closed at the market prices between the 29th of July, 03:00 AM and the market close on the 30th of July. As DMM FX shuts down in July, the Forex broker announced that it is not planning to accept any new deposits, starting from the 1st of August 2016.
What about my withdrawal requests?
According to the official announcement on the website of DMM FX, all clients must submit their withdrawal request before the 19th of August this year. Any pending withdrawal requests after this date will be handled off by the ASIC regulated broker on behalf of the clients. After these procedures, the clients' accounts will be closed, and the "agreement on the DMM FX Account Terms" will be terminated.
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Could we have foreseen this move? Especially, after the ceased operations of DMM Options back in November 2015. At the time, DMM FX explained that the binary options arm got shut down due to its strategic goals to primarily focus on delivering FX services.
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