4xp under cease order from FSC British Virgin Isles

Obwan

Recruit
Messages
2
Do not deposit any funds with 4xp. I was issued with the following statement from 4xp as a reason for not complying with my withdrawal request.

Dear valuable client,
Forex Place Limited (the "Company"), hereby notify you as follows:
The Company has received an immediate and surprising cease order, issued by the British Virgins Islands FSC, ordering the Company to cease its trading services operation. The Company has applied to the FSC against the order, and is considering other legal venues to renew its operations.
Due to the above order, banks and other financial institutes have frozen the Company's accounts. Furthermore, the Company's funds with liberty Reserve have being frozen as well, due to the procedures filed against Liberty Reserve and its officers.
As mentioned above, The Company is making efforts and taking actions as necessary in order to have the FSC order cancelled, and negotiates with its banks to have its Accounts reopened. According to professional legal advice provided to the Company, such actions shall take a few months at least. In the meantime, the Company must honor the order.
Due to the above, the Company is currently unable to process deposit and withdrawal requests, until further notice. The Company hopes such notice shall not take long.
As you well know, the Company has always been proud of its honesty and integrity. The Company trust that you understand that the events are beyond our control and cooperate with the Company's efforts, and we regret any inconvenience caused.
Sincerely,
Forex Place Limited
 

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harada

Private, 1st Class
Messages
36
I am also a client of 4XP. But, I have not received at all.The only company name, there is no sign of the representative.It should be referred to on the WEB.
 
Last edited:

Pharaoh

Colonel
Messages
19,964
Admin Penalty: Cease and Desist Order
Name of Entity: Forex Place Ltd.
Date of Penalty: 06/04/2013
A cease and desist order was issued pursuant to section 37(2A)(a) of the Financial Services Commission Act, 2001 to Forex Place Ltd, operating as 4XP to cease and desist carrying on all investment business in or from within the Territory with immediate effect, and to provide the Commission with evidence that it has ceased such investment business activities.


They've been under this order since June. It should have no effect on any client money not held in BVI banks.

File complaints with the BVI FSC (bvifsc.vg), eConsumer.gov and anywhere else you can find out about. Ask your bank and police if there is a place to file online financial fraud charges in your country. If you deposited by credit card or bank wire, speak to the fraud department at your bank about your options.
 
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