I am a US resident and I opened an account with TP prior to the Sept 7 law suit filing by the CFTC. Though I could not open any additional accounts, that active account was grandfathered and I was allowed to trade still...until now.
I got this yesterday from TP:
Trading Point of Financial Instruments Ltd. Is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 120/10 and complies with all applicable European Union laws and regulations. Even though Trading Point does not have any offices and/or operations in the U.S. and does not engage in the solicitation of clients, it appears that the CFTC does not allow us to offer our services on a cross-border basis to U.S. Clients, without being registered as a Futures Commission Merchant (FCM) in the United States and complying with the US regulatory framework for retail foreign exchange transactions.
In light of these developments, it is with great regret that we have to inform you that Trading Point will no longer be able to accept any transactions from U.S. residents.
Accordingly, by the 15th of February 2012 no later than 22:00 Central European Time (CET) - 5:00 PM Eastern Standard Time (EST), all open positions and all pending orders in your account with Trading Point must be closed. Any positions left open at that time will be automatically closed at the last available price and all pending orders will be cancelled.
This is very sudden and short notice!! Does anyone know what recent event prompted this to happen?
I got this yesterday from TP:
Trading Point of Financial Instruments Ltd. Is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) - License Number 120/10 and complies with all applicable European Union laws and regulations. Even though Trading Point does not have any offices and/or operations in the U.S. and does not engage in the solicitation of clients, it appears that the CFTC does not allow us to offer our services on a cross-border basis to U.S. Clients, without being registered as a Futures Commission Merchant (FCM) in the United States and complying with the US regulatory framework for retail foreign exchange transactions.
In light of these developments, it is with great regret that we have to inform you that Trading Point will no longer be able to accept any transactions from U.S. residents.
Accordingly, by the 15th of February 2012 no later than 22:00 Central European Time (CET) - 5:00 PM Eastern Standard Time (EST), all open positions and all pending orders in your account with Trading Point must be closed. Any positions left open at that time will be automatically closed at the last available price and all pending orders will be cancelled.
This is very sudden and short notice!! Does anyone know what recent event prompted this to happen?