Squared Financial Offshore Unit Faces Withdrawal Complaints as New Account Access Appears Restricted

According to reports, attempts to open new individual or corporate accounts on the broker’s website have repeatedly returned an error message, preventing new client onboarding. The development comes around six months after Squared Financial exited its Cyprus regulatory framework.

Several traders claiming to hold accounts under the Seychelles entity have posted complaints on online review platforms, citing pending withdrawals during June and July. Some users also reported challenges contacting the company for updates regarding their funds. Trustpilot has reportedly added a warning notice to the broker’s profile after identifying and removing a number of reviews it considered suspicious.

The concerns have also drawn attention from former company personnel. Temitope Ijibadejo, previously Managing Director of Squared Financial’s Nigerian operations, publicly raised concerns regarding customer withdrawals and said he had submitted a petition requesting an investigation into the firm’s operations and the status of Nigerian investors’ funds.

According to the Financial Services Authority of Seychelles, Squared Financial’s securities dealer licence remains active.

Ijibadejo stated that complaints regarding withdrawals increased around May, prompting him to raise the matter with company executives. He said Squared Financial founder and CEO Philippe Ghanem informed him that the company intended to wind down operations. The broker and Ghanem were contacted for comments but had not responded at the time of reporting.

Squared Financial previously maintained a Cyprus presence before surrendering its Cyprus Investment Firm (CIF) licence. The exit followed a settlement with the Cyprus Securities and Exchange Commission (CySEC), which involved penalties related to potential regulatory breaches concerning CFD marketing and distribution. CySEC also reached a separate settlement with Squared’s Seychelles-based entity.

While settlements involving Cyprus-regulated firms are relatively common, regulatory action involving an offshore entity under CySEC jurisdiction was considered less typical.

The current status of Squared Financial’s Seychelles operations remains unchanged on the local regulator’s register, where its licence is listed as active. The reasons behind the reported restrictions on onboarding and withdrawal issues have not been officially confirmed by the company.