FCA suspends AFX Markets License

August 06, 2019 | AtoZ Markets - The UK forex market watchdog - Financial Conduct Authority (FCA) followed the decision of CySEC to suspend the financial services license of AFX Markets. The firm’s UK subsidiary AFX Markets Limited has been obligated to publish a notice about the suspension on their official websites of its brands: STO Financial Services, ICEFX UK and Quantic Prime.

According to the sources, this decision comes about two weeks after the CySEC suspended the license of AFX Markets. Before, the company has stated that suspension is on a temporary basis and will end in 10 days. Till then, the company has not made any confirmation to restart its operations. 

After CySEC, FCA suspends AFX Markets Licence 

In their official website - www.stofs.com, the company has mentioned that the Financial Conduct Authority has notified AFX Markets Ltd, FRN: 560872 that must close all open trading positions held by it, whether on its own account or on accounts of its clients by no later than 7 August 2019.

After the firm closes all its open positions of its clients it will become obligatory to hold all client money segregated for clients in accordance with the client money rules of FCA. 

Moreover, in May 2019, the Trustee and the AFX Defendants entered into a provision of Settlement resolving the Adversary proceeding. Under the terms and conditions of the settlement, the company agreed to pay the sum of $830,000 in full and final satisfaction of any and all the claims that the Trustee and the Debtors’ estates have or may have.

In accordance with paragraph 1(a) of the Stipulation states that, "the Deposit in the amount of $230,000 was due to be paid into the attorney escrow account of the AFX Defendants by May 30, 2019, which, at the request of the AFX Defendants, was later extended to June 20, 2019, by the Trustee."

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