Director of FX broker Numex gets 8-year ban

Maria Nikolova

Ehsan Tayefi, director of Numex Foreign Exchange Corporation (UK) Ltd, is now banned from acting as a director or directly or indirectly becoming involved in the promotion, formation or management of a company.

The UK Insolvency Service today announces that Ehsan Tayefi, who was director of Numex Foreign Exchange Corporation (UK) Ltd, has been disqualified for 8 years after he removed $1.3 million of bank funds to buy properties in Dubai.

The company was incorporated in September 2011 and used an FX platform provided by a major bank to buy foreign currencies on behalf of Numex’s customers. In April 2018, the bank that provided Numex’s FX platform issued the company with a two-month warning that they would remove their trading facilities.

This caused Numex to enter into administration in June 2018, owing its creditors just over £2 million. The company entered into liquidation in June 2019.

Numex’s insolvency proceedings brought the company to the attention of the Insolvency Service and following further enquiries, investigators uncovered that Numex’s bank had warned the foreign exchange broker that maturing trades would show an overdrawn position.

However, instead of taking heed, Tayefi caused Numex to make a payment of $1.3 million to buy two apartments in Dubai in the name of his relative. This pushed Numex into insolvency.

On February 20, 2020, the Secretary of State accepted a disqualification undertaking from Tayefi for 8 years. Effective from March 12, 2020, Tayefi is banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.


PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.