iBusiness
Image default
Brokers and Welcome Bonuses

No withdrawals and deposits at JP Markets following a provisional suspension

JP Markets’ clients have been hit hard when FSCA suspended all the broker’s activities, including freezing their accounts.  Due to the suspension, existing clients will not be able to withdraw or deposit funds into their accounts. It gets bad, traders won’t be able to trade as all the JP Markets trading platforms have been paused due to frozen accounts.

The broker took to Instagram and released a statement regarding the situation at hand. JP Markets announced an update regarding the provisional suspension of the FSP licence.

‘We have been working around the clock with our legal and compliance team to navigate this difficult period’

JP Markets confirmed they have filed an opposing application and that the matter is set down for argument on 21 July 2020 in the Johannesburg High Court.

“In the intervening period, our access to banking facilities has been restricted and we are not able to pay any client withdrawals as a direct result thereof.”

“We have no other option but to place a hold on all deposits and withdrawals with immediate effect. This will impact all clients negatively as all open positions will need to be closed”

Will this matter be solved? Well, when the Licence was provisionally suspended the JP Markets CEO, Justin Paulsen was confident that the decision was going to be overturned. At this point, it is very hard to tell.

“We acknowledge that these are temporary measures put in place by the FSCA, however, the detrimental effects of said measures will no doubt have lasting effects on our business operations, we will continue to keep all clients updated and any further developments will be published timeously.” JP Markets concluded.


South African COVID-19 Information Portal

iBusiness on COVID-19
Protect yourself and others around you


Loading...

Digest

FBS Forex Broker

Isaac More

Register a new trading account with FBS (Account Types)

Isaac More

Open an FBS unlimited account

Isaac More

Leave a Comment

Comments and ratings are subject to verification and approval. Your email will never be published or be shared with a third-party. See our Privacy Policy for clarity | If you are rating a product please ensure to select a star rating - however, this is optional

* By using this form you agree with the storage and handling of your data by iBusiness.co.za

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK Read More