The Board of Argentex announced today that Argentex LLP has, following Court Approval received on 21 July 2025, been placed into Special Administration under the Payment and Electronic Money Special Administration Regime (“PESAR”).

Daniel Conway, Anthony Wright and David Hudson of FRP Advisory Trading Limited were appointed today by the Court as Joint Special Administrators.

Last week, Argentex announced that its main trading subsidiary, Argentex LLP, has agreed to a Voluntary Requirement (“VREQ”) imposed by the UK Financial Conduct Authority (FCA).

The VREQ introduces a business restriction requiring Argentex LLP to cease all regulated activity, to not register and onboard new customers, and to not open any new foreign exchange trades. These restrictions also require the firm to take all reasonable steps to stop incoming payments from existing customers.

In response to the problems at Argentex LLP, IFX Payments which was set to acquire Argentex, said it may not proceed with the transaction, as it is considering invoking the Insolvency Condition.