Finance Magnates has received multiple reports on FVP Trade allegedly stopping all trading and withdrawals on their website, with the alleged reason that the UK authorities have frozen their funds. However, this has not been confirmed by Finance Magnates independently.
These reports noted that it would take almost two months to resolve, although no members from the management have come up with any further information about the matter. The company allegedly promoted a PAMM-based forex trading business in the Asian region prior to the alleged incident.
Finance Magnates has reached out to FVP Trade to address the alleged incident, and any update will be published once a response has been received from the firm. As of press time, no representative from the firm has issued a statement to talk about it.
Recent Investments and Plans Announced
Early this year, FVP Holdings agreed to a further five-year deal of a strategic investment partnership with The Al-Mohannadi Group, which was attended by Chairman, Omar Al-Mohannadi and his younger brother and the CFO, Rashid Al-Mohannadi.
At the end of 2021, the company announced that it was targeting an IPO by 2024. “We are due to launch the company's internal IPO share trading in 2022, and looking further ahead, our holdings company is planning to list an IPO on the Nasdaq in 2024,” Keith Walker, the Chief Marketing Development Officer at FVP Trade, commented at that time.
