Hi, FmrBrokerExwctive,Have they offered you an explanation? Tallinex is facing the same issue and has the same structure I believe.
My suspicious is it has to do with banking regulations as these SV/offshore FX brokerages have extremely few choices to choose from for banking now.
That's why people are paying $250K+ USD for license in places like Belize even now so they can get a bank account.
I also have requested withdrawal from SFX markets last week, but the request is still ‘in process’.
And I have received a message from email@example.com as below;
Dear valued customer,
Despite the overall successful and fruitful year of 2018, we deeply regret to inform that the financial industry is currently undergoing Anti Money Laundering and Know Your Customer mandatory surveillance procedures due to the intense pressure from EU regulatory authority amid the recent alarming high-profile money laundering scandals in the region.
The exercise is also in line with the current global enforcement of checks and control over all financial activities by the financial institution regulators.
In view of the above, there will be inadvertent delay in payment of your withdrawals during this period of time and concurrently we would advise that deposits for new investment be deferred until the completion of the compliance process which you will be duly notified.
We are part of the financial institution who is fully committed to abide by all the regulations and compliances for the interests of all our customers, as such your understanding and patient is much appreciated.
We apologize and regret for all the frustration and inconvenience caused.
What do you think about this? Are they really in the compliance process?