Plus500 says UK trading hit by money laundering rule scramble | Forex Factory

  • Plus500 says UK trading hit by money laundering rule scramble

    From reuters.com

    Retail FX trading company Plus500, backed by hedge fund manager Crispin Odey, said on Wednesday efforts to meet new money laundering rules had "significantly" knocked revenue at its UK unit. The group, which runs most of its operations from Israel but is headquartered in London, said a number of client accounts had been suspended as it sought to acquire the necessary documentation and information for them to trade. That sparked a run on the shares which has seen them lose more than 60 percent of their value since May 18. Revenue generated by customers at its UK subsidiary had been "significantly impacted by ... (full story)

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Exodus
Jun 9, 2015 2:44am
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Today Plus500 have announced the unfreezing of most previously frozen accounts. In the meantime they have been bought by PlayTech....

"As at close of business on Monday, 8 June approximately 23,000 customers had logged into their account since May 18, the date on which Plus500UK froze activity on existing customer accounts and of these 10,147 customers had completed the remedial AML procedures. 8,457 customer accounts have now been fully reviewed by the remediation team and unfrozen, thereby enabling those customers to trade and to deposit and withdraw funds."
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Exodus
Jun 9, 2015 7:41am
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Quoting Ojiego
Oh! Thanks Exodus for the info .... Wishing you all the best in your attempt to make some quid out of this stuff
....thanks. In the end I just watched because I have seen companies evaporate in a puff of litigation in the past. Which is a great shame because the other part of my gut was telling me to buy the stock.......
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Ojiego
Jun 9, 2015 3:31am
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Oh! Thanks Exodus for the info .... Wishing you all the best in your attempt to make some quid out of this stuff

Quoting Exodus
Today Plus500 have announced the unfreezing of most previously frozen accounts. In the meantime they have been bought by PlayTech....

"As at close of business on Monday, 8 June approximately 23,000 customers had logged into their account since May 18, the date on which Plus500UK froze activity on existing customer accounts and of these 10,147 customers had completed the remedial AML procedures. 8,457 customer accounts have now been fully reviewed by the remediation team and unfrozen, thereby enabling those customers to trade and to deposit and...
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Exodus
May 27, 2015 5:47am
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Nice of the directors to forego a pay rise whilst the mess is sorted......
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Ojiego
May 27, 2015 3:27am
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"Crispin Odey" .... sounds like a name from Mars
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AdyFMP
Jun 9, 2015 3:36am
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I am a plus500 customer and my account was never frozen, neither was my ability to withdraw cash from my account although at one stage the media reported that "all uk accounts had been frozen."
If people would just submit the required documentation when they open their accounts they wouldn't have sanctions placed on them.
Of course plus500 shouldn't have allowed people to open accounts and deposit cash into them without ID checks being satisfied but that's their problem! As long as I'm protected by the fsa I don't care!
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Trader#183A
May 27, 2015 4:08am
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Quoting Ojiego
"Crispin Odey" .... sounds like a name from Mars
They're really from Mars : your money can come in but can never get out ! Pity the retail traders who don't launder but got caught in this terrible mess.
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