Financial Commission terminates membership of forex broker EGMarkets

abdelaziz Fathi

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has expelled forex brokerage EGMarkets from its membership, according to a FinaCom statement.

The membership status of EGMarkets was terminated following a breach of contractual obligations, the self-regulator explains.

Eagle Global Markets (EGMarkets) is the trading name of Eagle GM Limited, a company registered in Nigeria. The company operates as an offshore provider of financial services. It is not licensed by any financial regulator, and it doesn’t claim any regulatory status in any jurisdiction.

EGMarkets was expelled from the Financial Commission effective April 13, 2022. The move was taken due to failure to adhere to membership rules and after it was given numerous opportunities to rectify its shortfalls.

As such, the commission noted that it will not be able to process any new complaints from EGMarkets clients, following its expulsion from its roster as of the date of this announcement and moving forward, or until membership is approved again.

“Effective April 13th, 2022, EGMarkets were expelled from membership with the Financial Commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues,” the statement reads.

FinaCom doesn’t process complaints vs. non-members

EGMarkets was a member of the Financial Commission. Traders of a company with this category membership can be eligible for compensation of up to €20,000 per complaint, as well as having access to all dispute resolution services offered by the Commission. All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy.

In cases when complaints are filed against a member firm, the Financial Commission uses a proven method to process complaints and a decision is delivered by the Dispute Resolution Committee (DRC). The Financial Commission cannot process complaints against non-members, and no further action is taken.

The Financial Commission has been actively expanding its list of members in recent months. The expulsion of EGMarkets from membership is an important step as it adds credibility to the Financial Commission and encourages companies that are already members to adhere to the highest standards of operation.

In addition to providing dispute resolution and certification services to the participants of the Forex and derivatives markets, Financial Commission extends its coverage to the crypto community and blockchain startups.

Read this next

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

Retail FX

Hantec Markets wins six categories at Global Retail Forex Awards 2022

Hantec Markets has recently rebranded with a new website and a renewed growth strategy that features the #TimeToStrike hashtag to signify a time of renewed growth for the broker.

Industry News

Nexo sued for operating crypto brokerage without license and lying about it

“Nexo violated the law and investors’ trust by falsely claiming that it is a licensed and registered platform. Nexo must stop its unlawful operations and take necessary action to protect its investors.”

Industry News

Apex Group launches EU Taxonomy Solution as part of ESG offering

“Enabling our in-scope clients to demonstrate alignment with the EU Taxonomy is only the beginning – with over twenty green taxonomies in place, in development or under discussion worldwide it is crucial that investors act to understand and report taxonomy alignment data sooner, rather than later.”

<