FNG Exclusive… FNG has learned that Retail FX broker FXJet, operating website fxjet.com, is shutting after renouncing its CySEC CIF license.
FXJet was originally known as Bogofinance Capital Markets, which rebranded to FXJet in 2017 when the company first received its CySEC license. (The parent company which was formally licensed by CySEC remained Bogofinance Capital Markets Ltd).
Bogofinance began life in Lebanon in 2006 as a Central Bank of Lebanon licensed Retail FX broker. The company was founded by Lebanese businessman Joseph Boghos, and the CySEC entity was run by his former Head of Operations in Lebanon Mirella Mansour, who served as Executive Director of Bogofinance Capital Markets Ltd from 2017-2019. Mr. Boghos’ son Patrick also serves as a director of Bogofinance Capital Markets Ltd.
The company now has the following notice posted on its website:
We would like to inform you that the Company is in the process of voluntarily renouncing its CIF Licence with authorisation number 321/17. Therefore the Company will no longer accept any new clients and/or the opening of any new accounts. We would like to inform you we give you 15 (fifteen) days’ notice (hereinafter the “Notice Period”) of the termination of the Agreement and our relationship thereunder, such termination to take place on the 30th of June 2020 .
We further request that during the Notice Period, you close any Open Positions you may have (by the 30th of June 2020). Please submit to us a request for withdrawing your remaining balances in the Trading Account and instruct us to which bank account in your name you wish these to be remitted by the 15th of July 2020. If you fail to do so within the Notice Period, the Company shall close all your Open Positions at prevailing market prices at the time of closure and remit your outstanding balances to the bank account from which you first sent to us your funds. Our existing clients will receive via email specific instructions regarding the closure of their positions and withdrawal procedures.