SFX Markets potential SCAM, would not process withdrawal

Voltaire

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SFX Markets claims that they are being audited by their bank, but are unable to provide further information about it. When I tried to follow up on it, they just stopped replying. I've called the bank where I originally deposited the money and they confirmed that their account was closed in October 2018. To me, it sounds like they are trying to buy some time.
 

lilianluv

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I having the same issue with SFX Markets which cannot perform withdrawal due to their bank being audited on money laundering. May I know which bank you deposited? Because as what I was informed by SFX, the clients' deposited funds will be at Tallinn Business Bank at Estonia. I have try to reach the bank but no feedback from them. Hence, I'm not too sure where the funds is right now. From latest update I get, is that they will be going court case against Tallinn Business Bank to get back the clients' funds. But doubtful of the reliability of the news announced at their SFX markets.
 

zxdmcxz

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Messages
1
SFX Markets claims that they are being audited by their bank, but are unable to provide further information about it. When I tried to follow up on it, they just stopped replying. I've called the bank where I originally deposited the money and they confirmed that their account was closed in October 2018. To me, it sounds like they are trying to buy some time.
I having the same issue with SFX Markets which cannot perform withdrawal due to their bank being audited on money laundering. May I know which bank you deposited? Because as what I was informed by SFX, the clients' deposited funds will be at Tallinn Business Bank at Estonia. I have try to reach the bank but no feedback from them. Hence, I'm not too sure where the funds is right now. From latest update I get, is that they will be going court case against Tallinn Business Bank to get back the clients' funds. But doubtful of the reliability of the news announced at their SFX markets.
hi guys, may i know what action has been taken by you? I have funds stucked with SFX market as well and i am unsure how should i proceed
 

chitak

Sergeant
Messages
133
I've almost given up on this, so just wanted to put an update here. No money have been received as of now.

Their website has this message now

Dear Valued Customers,

Pursuant to the AMLA investigation conducted by the regulatory authority, we regret to inform that till the end of the investigation our investors’ and company funds will be frozen. Therefore we’re unable to perform our obligations to customers and must suspend any business activity with immediate effect.

SFX is part of the financial institutions who is fully committed to abide by all the monetary regulations and compliances for the interests of all our customers. We have not and will not engage in any illegal business activities or abetting any money laundering activities at all time. We therefore firmly stand by our principles and consciences that we are at no time in breach any monetary legislations in the course of conducting our business activities.

In view of the circumstances, we have been strongly advised by our legal advisors to initiate legal proceedings for early recovery of our investors’ funds without any further delay.

The legal proceeding is inevitable, the processes are tedious and time constraints. However, on the positive note and in view of the favorable impressions and assurances vested by our legal experts, we are confident of a fruitful outcome and the funds may be released in a much shorter time frame.

We will keep you posted of any further development in due course.

On behalf of the Board of Directors and Management, we sincerely apologize for all the inconveniences and hardships caused.

We’ll publish all relevant information about funds release on this page.

Thank you for your understanding and continuous supports.
 
Messages
206
Just like 75% of the offshore (SV in this case like many) they lost their banking accounts and are claiming their assets are frozen.
This is true in many, many cases.

What's important though is they need to show proof of their efforts to un-freeze those funds so client funds can eventually be paid out.

The SATA Bank Malta issue is another example of this that has caused many legitimate brokers HUGE problems. The regulators/banks are totally out of control.
 
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