A regulatory filing with the UK’s Companies House (https://www.forexbrokerz.com/news/Abshire-Smith-winds-down-UK-operations-due-to-the-tough-EU-regulatory-regime) revealed that London-based forex and CFD brokerage Abshire-Smith is closing down its operations in the United Kingdom. The reason for the move is Brexit, as well as the restrictions on CFD trades imposed by European Securities and Markets Authority (ESMA) since last year.
The news of Abshire-Smith winding down its UK operations comes several weeks after another two brokerages, Fixi Markets and Formax Prime have announced closing its doors in the country. Fixi Markets ceased operations in December last year and all client funds have been frozen by the FCA. It appears that the UK regulator is currently investigating the company’s accounts. As regards Formax Prime, it also shut down in December, allegedly due to the tough regulatory regime across the EU.
The news of Abshire-Smith winding down its UK operations comes several weeks after another two brokerages, Fixi Markets and Formax Prime have announced closing its doors in the country. Fixi Markets ceased operations in December last year and all client funds have been frozen by the FCA. It appears that the UK regulator is currently investigating the company’s accounts. As regards Formax Prime, it also shut down in December, allegedly due to the tough regulatory regime across the EU.
