Ukraine’s self-regulatory organization (SRO) of forex brokers, UCRFIN, announced it has expelled the local branch of the forex broker IronFX – IronFX Global Ukraine. The organization chose to make the announcement on its Facebook page, without any further details, but has already removed the broker from the members list on its website.
According to a report in the Finance Magnates site, the main reason for the expulsion is that IronFX hasn’t paid its membership fees since it joined the SRO in 2014.
“IronFX Global Ukraine has been excluded from UCRFIN for systemic violations of the rules and regulations of the organization, namely non-payment of membership fees,” told the Finance Magnates the spokesperson of UCRFIN. “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.”
With the expulsion of IronFX, UCRFIN remains with three members: TeleTrade, RoboForex and Forex Club.
Earlier this month it transpired that IronFX will merge with the forex broker FXDD and could list on the NASDAQ via a reverse takeover (RTO) deal with Nukkleus Inc. Nukkleus is listed on the OTC Markets Group under the ticker (OTCMKTS:NUKK). It is managed by the CEO of Tradition, which owns the FXDD brand.
IronFX provides trading in forex, spot metals, futures, and shares. The group consists of CySEC-regulated holding company IronFX Global, ASIC-regulated GVS AU, recently-rebranded 8Safe UK, which is authorized by the UK‘s Financial Conduct Authority (FCA), IronFX Global South Africa, regulated by South Africa’s Financial Service Board (FSB).