Is ACFX looking for a company to acquire the brand? -story behind the story-

August 10, 2016

ACFX maybe a target for acquisition right now.

Notification

ACFX has decided to close its business on May, 2016. The Broker will no longer accept any new account openings, new orders or deposit. If you were trading with ACFX you are only allowed to close your existing open positions.

Is ACFX looking for a company to acquire the brand? -story behind the story-

It has been already 3 months since the broker’s license has been suspended by CySEC.

Currently there is no progress for a few months from ACFX’s side, and a number of traders are waiting for their funds to be transferred from ACFX’s bank account.

As the ACFX’s office is believed to be running empty, there maybe a low chance of someone processing left-withdrawal requests.

CySEC continues to suspend the license, and ACFX is being nonfunctional.

And now another News came out according to our source.

ACFX is looking for a company(or another broker) to takeover the brand

There is zero official announcement from ACFX for over 3 months though, there are several rumors spreading originally from ACFX ex and current employees, such as:

  • ACFX is capable of processing all withdrawal requests
  • No need for ICF(Investors Compensation Funds) to interfere this time
  • There is no employees left in the office, but only some from treasury department

And now according to our source, some members from ACFX’s back office are still remained with the company(AtlasCapital Financial Services Limited), and they are looking to bring back the business by letting another company buying-off the brand, “ACFX”.

No more further details are provided though, there are several figures from some brokerage firms who had a conversation with back-office members of ACFX recently.

Is this a good news for investors who are still waiting for their funds back from ACFX? Anyway, we hope that ACFX returns all funds of its clients.

In case you are still waiting for your own funds from ACFX, you may need to wait for further announcement from ACFX and CySEC.

If it’s any consolation, ACFX specifies following statement in the official website.

What happens if ACFX goes into liquidation?

If ACFX goes into liquidation, clients whose funds were held in segregated accounts would have their share of the segregated money pool returned, minus the administrators’ costs in handling and distributing these funds.

If there was a shortfall then individuals (and some smaller companies) may be eligible for compensation from the Investors Compensation Fund.

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