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Has UFX Quietly Shut Down?

Started by forex4you, Jan 22, 2023, 11:57 am

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Has UFX Quietly Shut Down?

<p>UFX, a retail broker offering forex and contracts for differences (CFDs) trading services, looks as though it has shuttered quietly. A message on its website reads: "UFX is no longer offering investment services to clients in this region."</p><p>Finance Magnates accessed the website from multiple regions, Europe, Asia, and Latin America; however, the termination message reads the same. additionally, the broker is not allowing anyone to open a new account, irrespective of the jurisdiction.</p><p>"You are required to terminate your trading account," the website shows.</p><p>Renounced Cypriot License</p><p>Reliantco Investments Ltd, the company that operated the UFX brand, renounced its <a href="" target="_blank" rel="follow">Cyprus Investment Firm (CIF) license</a>. The registry of the Cyprus Securities and Exchange Commission (CySEC) shows that the regulator is currently examining "voluntary renunciation of the authorization." However, it is a standard process the regulator follows in the case of all voluntary CIF license renunciations.</p><p>Apart from, Reliantco registered three other websites with CySEC. One of them is not accessible, while the other two domains are up for sale.</p><p>The UFX operator received CySEC's authorization in December 2010 and operated the FX and CFDs brokerage brand from its Cyprus headquarters. It offered services across the European Economic Area (EEA) by passporting its Cypriot license.</p><p>Moreover, the brokerage operated outside Europe, mainly in loosely regulated markets of Asia and Latin America, with a <a href="" target="_blank" rel="follow">license from Vanuatu Financial Services Commission (VFSC)</a>. However, the broker looks to have terminated services under that license. The website shows the same termination message even if accessed locally from Asia and for all lingual versions of its website.</p><p>Also, the website looks to be no longer maintained by the broker's operators. Crucial information, like regulations and licenses, is missing from the website, which does not even have an SSL certification.</p><p>Finance Magnates reached out to UFX for official confirmation of the shutdown and received this response from a UFX spokesperson.</p><p>"UFX ceased accepting new clients several years ago, and has not been actively marketing or acquiring new customers since 2018. As such, there was no need to be holding a license any longer. This is something that is not unique and happens many times each year, when brokers stop operating under one regulatory body and relinquish its license." </p>

This article was written by Arnab Shome at

Source: Has UFX Quietly Shut Down?
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