The Financial Supervisory Authority (FSA) of Hungary has withdrawn the foreign exchange trading licence of iForex for six months, FX Week reports. The regulator has also levied a $100,000 fine on the company for not providing adequate information to clients relating to risk.
iForex will not be able to enter into any agreements with new customers and existing customers cannot incur any new obligations with the company until the regulator’s concerns have been addressed. FSA will keep track of iForex’s recovery plan.
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