ICM Capital Stops Offering Services for Retail Clients in Chinese Mainland

Fazzaco learned that ICM Capital, a UK-based online Forex, commodity and CFD trading firm, has decided to cease offering services to retail customers in the Chinese mainland market, as it is  making some adjustments to the customer services in the region, to align with the compliance requirements.

The broker has sent an e-mail to the indicated users, stating that it would close their trading accounts within 30 days. For the purpose of avoiding losing money, the users are required to close all open positions within the allotted time, and withdraw their money, or ICM Capital would be entitled to close all open positions for them at the closing price on the termination date.

Reportedly, the UK brokerage firm plans to deliver trading services only to professional and institutional investors in this region.

Shortly before, Fazzaco reported that ICM Capital has published its annual financials​ ending on December 31, 2020, showing a significant loss in operating income on a YoY basis.