FinFX Will No Longer Offer Brokerage Services to American Citizens

Tuesday, 20/01/2015 | 17:09 GMT by Avi Mizrahi
  • FinFX has informed clients that it will cease its offering to US residents. The move comes after US rules prohibit overseas firms that are not authorised by domestic regulators to deal with US clients. Clients were informed by email.
FinFX Will No Longer Offer Brokerage Services to American Citizens
FinFX

Finland-based MT4 ECN broker FinFX has announced to its clients it will no longer offer brokerage services to US citizens as of January 30th, 2015. The unregulated broker was one of the few international brokers still willing to risk accepting American clients.

FinFX was founded in 2010 by Jani Hjerppe. It remained unregulated until now and at the same time continued to accept American clients despite the US regulator's demands that all brokers accepting Americans clients must be regulated by the NFA. This was done with the intention of repatriating all FX traders' accounts. Foreign brokers that did not comply often found themselves summoned to the US with threats of legal sanctions.

FinFX

Finland-based MT4 ECN broker FinFX has announced to its clients it will no longer offer brokerage services to US citizens as of January 30th, 2015. The unregulated broker was one of the few international brokers still willing to risk accepting American clients.

FinFX was founded in 2010 by Jani Hjerppe. It remained unregulated until now and at the same time continued to accept American clients despite the US regulator's demands that all brokers accepting Americans clients must be regulated by the NFA. This was done with the intention of repatriating all FX traders' accounts. Foreign brokers that did not comply often found themselves summoned to the US with threats of legal sanctions.

Topics
regulation
About the Author: Avi Mizrahi
Avi Mizrahi
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