Further to our breaking the news that South Africa retail forex broker ACM Gold has had its FSB license reinstated after spending more than two months in regulatory limbo, LeapRate has received a formal statement from the company confirming the result.
The ACM Gold statement reads as follows:
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Onwards and Upwards for ACM Gold & Forex Trading
South African CFD Trading Brokerage has their FSB Licence Reinstated
ACM Gold & Forex Trading had their FSB licence reinstated late on Tuesday afternoon following a two‐month review by the South African watchdog.
Pending an investigation into a former client of theirs, ACM Gold & Forex Trading had their FSB licence provisionally withdrawn on August 5th, 2015. After conversations with the FSB, ACM Gold & Forex Trading, while continuing to service existing clients, did not accept any new customers after that date. Naturally, ACM Gold & Forex Trading took a knock.
“It’s been a tough two months. We were in contact with our compliance team and the FSB almost daily, submitting every document they requested. At the same time we were aware that we have over 11, 000 customers with whom we’ve built strong relationships over the last few years and we knew we needed to give them answers,” said CEO, Dano Fotiadis.
Having taken over the role of CEO just a few days prior to the FSB licence being withdrawn, it was a trying phase but the Sandton‐based brokerage used the time wisely.
“We’ve spent a lot of time with our compliance and risk management team over the past two months. We’re committed to doing things right.”
“In the next month we’ll be launching our new trading platform, Tradable. We’re the only brokerage offering this platform in Africa. It’s a brand new, fully customisable, app‐based CFD trading software. We’re ready to move on from the last two months, and upward to some pretty exciting new things.” Now able to accept new registrations, ACM Gold & Forex Trading is looking forward to welcoming new clients in for free software training over vanilla cappuccinos.