South African forex company JP Markets is now under final liquidation ordered by the Supreme Court. Although the company describes itself as a “global forex powerhouse”, on September 7 it was accused of not paying out customer withdrawals, not feeding customer’s deposits to their trading accounts and manipulating price quotes. The Financial Sector Conduct Authority (FSCA) had filed an urgent application with the High Court to liquidate JP Markets and froze its bank accounts.
The FSCA announced it would work with the liquidators to ensure that JP Markets customers recover as much as possible of their funds. According to the authority, thanks to its intervention more than R2.58 billion was preserved in the numerous bank accounts held by JP Markets.The investigation against JP Markets has been completed, according to the authority. “On liquidation, the license of JP Markets was automatically withdrawn”, it said.
Thanks for your blog, nice to read. Do not stop.