I have to say that I am concerned with EmurgoHK’s investment in IronX. After two members of the Cardano General telegram channel claimed that they had issues with IronFX, I decided to do a quick Google search into their operations, which surfaced a number of poor reviews and critical articles.
[In reply to Mr]
Yes I did
It was 2014
And the account automatically closed
I’m actually really disappointed in what appears to be an investment into a compromised company. Providing traditional investors with an avenue to diversify a percentage of their portfolio into Cardano and other crypto assets using a secure and regulated Forex exchange would have been very bullish for the ecosystem.
Then again, it appears that you can already trade a number of cryptocurrencies (ADA, BTC, ETH, LTC and XRP) on the IronFX exchange:
EU MEP Tibor Szanyi speech on IronFX - https://www.youtube.com/watch?v=ijEcTleLtco
“Regrettably, thousands of Hungarian small investors turned to other European asset management companies, such as the Cypriot IronFX, which also appears not to fulfil its financial obligations. More than a hundred consumer complaints received by the MNB claim that IronFX operates like a one-way tube, swallowing citizens’ money and giving nothing in return.
With regard to the growing number of complaints that IronFX does not provide customers with access to their funds despite their requests, considering the inability of small investors to pay for proper legal assistance, and in light of EU consumer protection law, does the Commission plan to investigate this case?”
Critical documentary by ex BBC reporter, Freddie Rostand:
IronFX corrects disclosure about Australian regulation and counterparty arrangements:
The company’s Chinese customers and introducing brokers (IBs) brought 160 complaints against IronFX in a legal case in the District Court of Limassol.
The plaintiffs alleged that IronFX denied withdrawal requests totaling $1.25 million.
In August 2015 CySEC announced an investigation related to IronFX
In November 2015, CySEC settled all charges against the firm, agreeing to a €335,000 settlement
CySEC: “a settlement has been reached with IronFX for which there was reasonable suspicion of it committing possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the ‘Law’) and of the Directives issued pursuant to the Law.”
IronFX officially informed leading industry directories that they have voluntarily left 4 regulations in June 2015:
Germany - Federal Financial Supervisory Authority (BaFiN)
Italian - Companies and Exchange Commission (CONSOB)
New Zealand - Financial Services Provider Register (FSP)
Russia - Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN)
Facebook Groups -
IronFX law suit and debt collection - 458 Members
Boycott Ironfx - 232 Followers
IronFx victims - 135 Members
Justice for Ironfx victims - 42 Followers
IronFx - The global leader in online SCAM - 95 Followers