According to the media in Montenegro, ACFX selling assets to the British entity. Is Atlas Capital Financial Services move caused by its license suspension?
17 October, AtoZForex – A level of uncertainty still is present around the situation regarding the broker Atlas Capital Financial Services (ACFX), as the clients of the firm are still dissatisfied, according to the Cypriot media.
Initial suspension of the ACFX's license
A number of Cypriot reports indicate the uncertainty around the accounts of the ACFX’s clients. Moreover, the brokerage firm’s license is still suspended by the Cyprus Securities and Exchange Commission (CySEC) until the Commission decides whether to withdraw or not the relevant authorization.
ACFX’s license initial suspension took place in the April 2016, where currently the Cypriot watchdog is due to decide on the license of the firm. ACFX is one of the largest brokerages in Cyprus, where the CEO of the firm is Peter Gazivoda. The company also has several branches overseas.
Clients of the company Atlas Capital Financial Services Ltd. claim that their demands regarding the process of the money withdrawal are improperly fulfilled by the firm. According to the official document of CySEC, during the period of the ACFX’s license suspension, the company is prohibited to:
- Enter into a business relationship with any person and cannot take any new clients.
- Receive, transmit or execute any orders from clients for buying any financial instruments.
- Provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
- Advertise itself as investment services provider and make advertising campaigns and announcements.
According to the decision of the Cypriot regulator, ACFX must repay all of the clients’ funds.
ACFX selling assets to a British entity?
Due to the suspension of the ACFX’s license, the firm is reportedly considering the shift of its Cyprus operations overseas. The further reported information shows that one of the British firms intends to buy ACFX. The local media report from Montenegro has stated:
“A British entity is taking over the company. On the subject of recent news surrounding ACFX in Cyprus, which for several years was controlled by Mr. Knezevic, and currently risks the permanent removal of its license to be able to operate in Cyprus, began a few months ago negotiations with the more eminent of legal entities about taking over the company and overall operations.”
Moreover, the report indicated that the ACFX is in the negotiation process with the CySEC following the approval for the investor to continue the takeover process.
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