FCA confirms AFX Markets is in administration

Maria Nikolova

The High Court of Justice of England and Wales has appointed CG Recovery as special administrators to AFX Markets Limited.

Shortly after it became clear that the UK Financial Conduct Authority (FCA) has ordered AFX Markets Limited to cease trading activities, the regulator has confirmed the appointment of special administrators at the company.

The FCA has just announced that, on August 27, 2019, the High Court of Justice of England and Wales appointed special administrators to AFX Markets Limited.

AFX Markets Limited is a UK registered company that has been authorised by the FCA since May 2012. AFX Markets acted as broker for customers trading on its online trading platforms (ww.afxgroup.com and www.stofs.co.uk), principally in foreign exchange and contracts for difference products. Since the Cypriot regulator CySEC announced the suspension of AFX’s license, AFX’s website has gone black, as FinanceFeeds reported.

According to figures provided by the firm to the FCA, it has approximately 1,200 customers and is responsible for the safekeeping of approximately £7.5 million of client money.

The special administration order appoints insolvency practitioners from CG Recovery Limited (CG Recovery) (which also trades as CG&Co) as special administrators of AFX Markets.

For further information on the special administration of AFX Markets, please email [email protected].

Jonathan Avery-Gee and Daniel Richardson from CG Recovery have been appointed as the joint Special Administrators. They can be contacted by email: [email protected] or by phone: 0330 995 1241.

The special administrators will assess the client money position of AFX Markets as part of their work. Once the special administrators have carried out this assessment, whether there is any client money missing will become clearer. Trades placed are ultimately executed by AFX Capital and because of this the majority of client money is held with this company in Cyprus.

“The initial view in the early stages is that there is likely to be a deficit in the client money”, the FCA says.

The Special Administrators will work with the FSCS to determine the position and will provide further updates.

AFX Markets is still authorised by the FCA and remains subject to supervisory oversight and its rules.

Read this next

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<