Broker News: UFX Markets fined 100,000 Euro’s by Cysec, but then suddenly the fine and announcement is recalled

UFX Markets has received a lot of bad press at a number of different websites over the past months with a huge number of complaints flooding into various Forex websites in regards to the going on’s at UFX Markets the trading name of  Reliantco Investments Limited. This has led many to suspect that a fine may be likely, if you take the reports of these websites seriously. Then on the 31st of January 2013 Cysec finally handed out a 100,000 Euro fine for possible wrong doing at the company.  
 
It is important to stress that UFX Markets wasn’t found guilty of any wrongdoing rather they reached a compromise with Cysec to pay a 100,000 in light of the possible violations. It is important to note that in accordance with Cypriot financial regulation a company which agrees to such a compromise fine isn’t considered to have done any wrong doing. To read the original letter you should visit here.
 
However there was an interesting twist, on the same day Cysec released a second letter stating that the first letter regarding UFXMarkets was recalled with no explanation, the second befuddling letter can be found here

The situation is very confusing, it has been speculated that the original letter was an administrative mistake and shouldn’t have been distributed on the Cysec website. The other thing that has been speculated that there was something going on behind the scene’s at Cysec.

Whatever happened it seems to be a very interesting but confusing case. I will of course report on any further developments.

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