Exclusive: IC Markets AU Accounts Transfer to Seychelles-Regulated Entity

Source: Fazzaco 2020-08-27

Fazzaco has learned that retail broker IC Markets will cease providing services to clients in Mainland China via its local subsidiary IC Markets AU.

The broker sent an email to clients on Tuesday saying that IC Markets AU decides to stop servicing clients in your country since 23:59:59 25th September 2020 (GMT) and clients can sign up to the broker’s Seychelles -regulated entity instead.

Three Emails on Accounts Transfer by IC Markets

This is not the first time IC Markets sent emails to clients in Mainland China about regulatory changes.

In 22nd June, 2019, IC Markets sent an email to clients saying that it would stop providing services to clients outside of Australia at the end of June.

But in 27th June, 2019, IC Markets told their clients again that they could keep using IC Markets AU account. Of course, they could choose transfer account to Seychelles -regulated entity.

Australian Brokers Ceases Servicing Overseas Clients Under ASIC Pressure

Earlier in April 2019, Australian Securities and Investments Commission (ASIC) requires Australian brokers to stop providing financial services to new clients residing in overseas jurisdictions where the broker is not licensed.

Thus ASIC-regulated brokers likes Vantage FX, OANDA Australia, IG, ETO Market, IFGM, OGFX, TBC all stopped there overseas service.

IC Markets

ASIC

Regulation

Australia

Vantage FX

Exclusive: IC Markets AU Accounts Transfer to Seychelles-Regulated Entity

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!