JP Markets clients have been left stranded and confused this past week after the FSCA filed an application to liquidate JP Markets SA. Clients couldn’t make deposits or withdrawals funds to their trading accounts.
The Financial Sector Conduct Authority (FSCA) on Wednesday filed an urgent application with the High Court to liquidate JP Markets and announced that the bank accounts of forex powerhouse had been frozen. The FSCA said it would like to inform the public, particularly the clients of JP Markets, that the freezing of the bank accounts meant that JP Markets would no longer be able to operate on these accounts and they would remain frozen for a specific duration in terms of legislative parameters.
This after the provisional suspension of the license of JP Markets, which the FSCA previously reported on 19 June 2020, after the reasonable belief that substantial prejudice to clients or the general public may occur if they continue rendering financial services.
- The company’s bank accounts have been frozen and an investigation is ongoing.
- JP Markets describes itself on its website as a “global Forex powerhouse” and “Africa’s biggest forex broker” and has over 41 000 Facebook followers as well as a number of apparent industry accolades.
- Clients have reported JP Markets gets to be trading against them.