FXOpen and Basel Financial banned by the Mauritius | Forex Factory

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FXOpen and Basel Financial banned by the Mauritius

  • #1
  • First Post: May 28, 2010 6:37am May 28, 2010 6:37am
FXstreet.com (Barcelona) - The Mauritius Financial Services Commission (The Commission) has decided to revoke the license of FXOpen and Basel Financial Firms. In a 27th May statement, the Commission stated that these two companies, among others four, are hurting the financial reputation in Mauritius.

"The Commission having reasonable grounds to believe that the revocation of the Global Business Licenses issued to the undermentioned companies is necessary to protect the good repute of Mauritius as a centre for financial services and to protect investors," says the statement.

In addition to FXOpen and Basel Financial Firms, the Global Business Licenses of the following companies are being suspended forthwith: AEcnFX (Mauritius) Ltd, FXCOMPANY FINANCIAL GROUP LTD, FXMarkets Ltd, WORLD DERIVATIVES TRADERS LTD.

The Commission's Chief Executive has ordered an investigation on the back that the Commission has reason "to believe that the above companies are carrying or are likely to carry out activities that may cause serious prejudice to the reputation of Mauritius."

"It is very good news that even body regulators from safe haven countries known for their regulatory laxity," comments Francesc Riverola, FXstreet.com's CEO, "put themselves to work and clean the Forex landscape from not welcome firms."
  • #2
  • May 28, 2010 6:40am May 28, 2010 6:40am
I suggest before posting such information, you do your research. They are not banned. They are suspended, 6 companies infact. They have time to respond to this. I am sure there will be some sort of press release from the companies soon enough.

In the meantime, it has already been posted in an FXOpen thread. And doesn't need to be spammed 1000 times.
  • #3
  • May 28, 2010 6:42am May 28, 2010 6:42am
this company is no longer regulated by any country, i will try to take my money out ASAP if i had money in this company.
  • #4
  • May 28, 2010 6:51am May 28, 2010 6:51am
Oh no. The self acclaimed forex trader is going to judge me! HALP GIZE!!!!!
  • #5
  • May 28, 2010 6:52am May 28, 2010 6:52am
im cool.
  • #6
  • May 28, 2010 6:54am May 28, 2010 6:54am
Quoting fxoxford
slow your road little boy, think twice before you come at me like this again.
wtf

can't say it's one of the most normal forum threats i've seen...also pretty unnecessary too, for someone posts so 'informatively' it's sad to see you reduced to this so quickly

u got an agenda against fxopen? be honest..
  • #7
  • May 28, 2010 7:00am May 28, 2010 7:00am
Quoting Sim
wtf

can't say it's one of the most normal forum threats i've seen...also pretty unnecessary too, for someone posts so 'informatively' it's sad to see you reduced to this so quickly

u got an agenda against fxopen? be honest..
no agenda against fxopen but whats yours, also your right i will delete my comment i find it very rude.
  • #8
  • May 28, 2010 7:03am May 28, 2010 7:03am
well my agenda was made pretty clear rofl ... was basically also a success as you deleted your comment

all i'm sayin is within the 3 or so posts you made here in this thread alone certain judgements can be made..

I advise some enhanced communication skills next time you attempt to trash an organisation's rep
  • #9
  • May 28, 2010 7:05am May 28, 2010 7:05am
Quoting fxoxford
no agenda against fxopen but whats yours, also your right i will delete my comment i find it very rude.
I think Sim was just being nice to me... As far as I remember he is trading with forex.com

As I said, they aren't banned. I will still continue to use fxopen, because I have had no issue with them for such a long time, and I trade significant funds there. I have been through fxpro ibfx fxcm (FXLQ when it was alive) Marketiva, Oanda fxsol dukascopy interactive brokers, and I still sit with fxopen because theres no problem.

I will put my life on the line and say, if FXOpen folds or has committed any criminal wrong doing I will stand infront of a firing squad of disgruntled traders on their behalf.

I have no doubt this will be sorted sooner rather than later.
  • #10
  • May 28, 2010 7:08am May 28, 2010 7:08am
Quoting fxoxford
no agenda against fxopen but whats yours, also your right i will delete my comment i find it very rude.
Well considering your past posting history which is basically you with single posts attacking fxopen directly, and not the other companies also affected by this suspension, I smell an agenda.

Got Propaganda?
  • #11
  • May 28, 2010 7:10am May 28, 2010 7:10am
Quoting Sim
well my agenda was made pretty clear rofl ... was basically also a success as you deleted your comment

all i'm sayin is within the 3 or so posts you made here in this thread alone certain judgements can be made..

I advise some enhanced communication skills next time you attempt to trash an organisation's rep
i think your a little confuse, but i understand. good luck to all my fellow traders
  • #12
  • May 28, 2010 7:10am May 28, 2010 7:10am
Quoting oakmonster
Well considering your past posting history which is basically you with single posts attacking fxopen directly, and not the other companies also affected by this suspension, I smell an agenda.

Got Propaganda?
Owch
  • #13
  • May 28, 2010 7:11am May 28, 2010 7:11am
Quoting Takisd
I think Sim was just being nice to me... As far as I remember he is trading with forex.com

As I said, they aren't banned. I will still continue to use fxopen, because I have had no issue with them for such a long time, and I trade significant funds there. I have been through fxpro ibfx fxcm (FXLQ when it was alive) Marketiva, Oanda fxsol dukascopy interactive brokers, and I still sit with fxopen because theres no problem.

I will put my life on the line and say, if FXOpen folds or has committed any criminal wrong doing I will stand infront of a...
if they have been good to you then you should stick with them
  • #14
  • May 28, 2010 7:14am May 28, 2010 7:14am
Quoting oakmonster
Well considering your past posting history which is basically you with single posts attacking fxopen directly, and not the other companies also affected by this suspension, I smell an agenda.

Got Propaganda?
what other companies to attack, fxopen is the only one in trouble at the momment, if there was any other broker with such issues i will post about them, plain and simple, even you should understand this
  • #15
  • May 28, 2010 7:26am May 28, 2010 7:26am
Quoting fxoxford
what other companies to attack, fxopen is the only one in trouble at the momment, if there was any other broker with such issues i will post about them, plain and simple, even you should understand this
From the text of the advisory... http://www.gov.mu/portal/sites/ncb/f...5May2010_2.pdf

1. AEcnFX (Mauritius) Ltd
2. BASEL FINANCIAL INC.
3. FXCOMPANY FINANCIAL GROUP LTD
4. FXMarkets Ltd
5. FXOpen Investments Inc.
6. WORLD DERIVATIVES TRADERS LTD

No clear reason has been given apart from "to protect the good repute of Mauritius as a centre for financial services". Since I also have a substantial account with FXOpen, I will be watching this closely and decide what to do once the FSC says why.
  • #16
  • May 28, 2010 7:29am May 28, 2010 7:29am
Quoting oakmonster
From the text of the advisory... http://www.gov.mu/portal/sites/ncb/f...5May2010_2.pdf

1. AEcnFX (Mauritius) Ltd
2. BASEL FINANCIAL INC.
3. FXCOMPANY FINANCIAL GROUP LTD
4. FXMarkets Ltd
5. FXOpen Investments Inc.
6. WORLD DERIVATIVES TRADERS LTD

No clear reason has been given apart from "to protect the good repute of Mauritius as a centre for financial services". Since I also have a substantial account with FXOpen, I will be watching this closely and decide what to do once the FSC says why.
  • #17
  • May 28, 2010 9:00am May 28, 2010 9:00am
No surprise to me , I know personally 2 people who got their profits erased by this broker
  • #18
  • May 28, 2010 9:01am May 28, 2010 9:01am
Quoting Takisd
I suggest before posting such information, you do your research. They are not banned. They are suspended, 6 companies infact. They have time to respond to this. I am sure there will be some sort of press release from the companies soon enough.

In the meantime, it has already been posted in an FXOpen thread. And doesn't need to be spammed 1000 times.

It took you exactly 3 minutes to react to this thread, make it at least less obvious that you are connected to this scam



P.S. You almost sound like their lawyer LOL
  • #19
  • May 28, 2010 9:21am May 28, 2010 9:21am
Quoting Cocoflanel
It took you exactly 3 minutes to react to this thread, make it at least less obvious that you are connected to this scam



P.S. You almost sound like their lawyer LOL
those clowns will soon find out the truth, if there not working for fxscum already. no need to agure with clowns they can only make you laugh at them
  • #20
  • May 28, 2010 9:39am May 28, 2010 9:39am
Man people do stoop low don't they.. so the above two posts are based on him replying too quick for your liking?

Cocoflanel I know more than 2 people, personally, who got profit erased by this broker... guess what they say? They say fair play to em, they broke certain T&Cs...

Final word is, you're both petty losers lol...baseless claims as the foundation to boosting your virtual ego, pathetic. Wish you could read yourselves! Rof
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