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IronFX UCRFIN Membership Suspended due to membership fees

IronFX UCRFIN Membership Suspended due to membership fees

June 16, AtoZForex The Ukrainian Centre for OTC Financial Instruments and Technologies Development (UCRFIN) is the self-regulatory organization (SRO) of Forex and CFDs brokers in Ukraine. The self-regulatory organization was set up in August 2013 and listed IronFX as one of its members back in February 2014. However, AtoZForex learned that recently the IronFX UCRFIN Membership has been suspended, after a period of two years.

Aside being a member of UCRFIN, IronFX was also a member of the Russian SRO CRFIN, but not for long. Considering that after a brief period, the Forex broker decided to give up its Russian CRFIN membership, which dates back to June 2015. At the time, IronFX Global explained it is not necessary to possess over two SRO memberships.

Reasons for IronFX UCRFIN Membership suspension?

The UCRFIN has canceled the membership of IronFX when the Forex broker failed to make obligatory payments of its membership fee. As reported by UCRFIN, the Cyprus-based brokerage firm has been ‘excluded from UCRFIN for systemic violations of the rules and regulations of the organization, namely non-payment of membership fees.’ A spokesperson of UCRFIN also added:

“After the lapse of the payment deadlines set out by our agreement we haven’t received any funds nor has IronFX Global contacted us about a restructuring of the debt. Considering the current situation, the members of UCRFIN have been forced to exclude the company from the organization.”

After UCRFIN excluded IronFX from the organization, the organization comprises three its members; Forex Club, TeleTrade, and RoboForex.

The suspension comes right after Nukkleus IronFX acquisition

The suspension of IronFX UCRFIN Membership comes right after the announcement of the Nukkleus IronFX acquisition. Is it a coincidence or part of the plan? Nukkleus is the company which is about to become a multi-brand holding firm covering technology, execution, and broker business. The acquisition details report showed that the IronFX has downsized its operations in the past time.

Nukkleus is a firm controlled by Emil Assentato, the Managing Director of Tradition Service Holding and Member of the Executive Board of Compagnie Financiere Tradition. He is in control of 80% of Currency Mountain Holdings shares which in return controls 80% of Nukkleus shares.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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