29 May, AtoZForex, Amsterdam — The last few weeks the major forex industry player FXPRIMUS has been at the center of attention, in positive light as well as less. Having hired various ex-IronFX industry specialists the brokerage has strengthened its team with great expertise, ever since FXPRIMUS obtained its CySEC licensed back in December last year. However, mid May this year the brokerage’s IPO plan got halted by ASIC, while a week later the Australian watchdog also issued a warning against FXPRIMUS to immediately stop its targeting activities of Australian clients. Due to the fact the brokerage and its entities do not possess over the proper licenses.
Aside these recent earlier reported events and incidents, more news has surfaced as the Mauritius FSC suspends FXPRIMUS license. Through its publication, the local authority clarified that the underlying reasons for the license suspension is based on three counts.
FXPRIMUS Ltd. Mauritius assures reinstate of license
Firstly, the FXPRIMUS Ltd. Mauritius failed to comply with a number of provisions under the regulatory act of the FSC, the specific details of which are undisclosed. Furthermore, the second and third motives for suspending FXPRIMUS license, deals with Anti-Money Laundering compliance as well as other licensing conditions. The brokerage’s arm in Mauritius apparently failed to adhere to the AML compliance set by the local authority.
Even though FXPRIMUS Ltd. Mauritius was mandated to cease its authorised offerings and activities, the brokerage is still bound to comply with the directions and regulations of the Financial Services Commission. The current state of FXPRIMUS Ltd. Mauritius is immovable, until the license suspension is cancelled.
In response to the atrocious situation of FXPRIMUS Ltd. Mauritius, the brokerage has released the following official statement: “FXPRIMUS Ltd. Mauritius wishes to assure its loyal clients and partners that the Mauritius-based legal team is working to resolve any matters with the FSC, and is in ongoing mutual discussions in order to correct and reinstate the license.”