OloFx/BelFx Limited to Close whole Forex business at the end of the year?

December 2, 2016

OloFx/BelFx Limited to Close whole Forex business at the end of the year?

Today, OloFX has announced that the broker is going to close accounts of all Japanese clients as of 28th of December, 2016.

Regarding to their official website, the broker is looking to close it before 29th of December, according to the official announcement.

This management decision was made at the beginning of December, due to IFSC(the Financial Authority of Belize)’s intention.

First of all, OloFX was believed to be founded in order to transfer all JP clients’ accounts from FXNet which is a CySEC regulated Forex broker.

This whole business plan has started because CySEC anticipates that CySEC regulated Forex brokers do not acquire clients residing in Japan.

No further information is provided for this change of business.

 

Hercules

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