Battling to shake the shadows that were cast on its operations due to the many client complaints about the holding or non-execution of their withdrawals and also against the backdrop of the recent announcement by CySEC that the investigation it was conducting against the firm was terminated through a settlement agreement between the two parties and with IronFX immediately paying a hefty sum, the Cyprus based high profile broker which had often shaken the industry with its moves, such as for example its sponsorship deal with Barcelona FC, appears to be well on the path of restructuring.
Indications of this can be claim to be the recent departures of prominent figures from the company, such as their former Head of Global FX Strategy Marshall Gittler who departed in late Summer 2015, as well as Stefanos Mitsi, the former CEO of the company’s IronFX UK branch, soon after his promotion to the post.
The departures were followed by other moves such as the renaming of the UK subsidiary of IronFX to 8SAFE, which was announced in November 2015.
Further moves which may be revealing of the direction that the future will hold for IronFX is that fact that it has proceeded to acquire several different trading names, namely FXGiants, OptionTitans, FXWin and FXOptim which have all been registered for use by the Cypriot subsidiary of IronFX. The company is now the owner of 6 different brand names, with 8SAFE and IronMarkets being added to the above mentioned list.
As we have repeatedly said the IronFX saga is still unfolding and many episodes are to be expected. It now appears that changes are on their way and perhaps a catalyst will come in the shape of a decision by the newly instituted Financial Ombudsman of the Republic of Cyprus to whom clients having specific complaints against IronFX have resorted since this body and not CySEC is the pertinent authority to examine individual client complaints.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.