Amp Global terminating existing clients?

April 9th, 2024, 04:32 AM

I just saw this notice on AMP GLOBAL's website and I have a hard time understanding it. Does that mean AMP GLOBAL is not operating anymore in Europe?

Does this affect AMP Futures (US) in any way? For American clients is this a warning sign that things are not going well behind the scenes?

Thank you for your input.

"Notice: We would like to inform you that AMP GLOBAL Ltd (the Company), hereby notifies you that is in the process of voluntarily renouncing its CIF License with authorization number 360/18. Therefore, the Company will no longer accept any new clients and/or the opening of any new accounts while it has terminated all its existing clients and informed them about the procedure that should be followed for their funds return and filing any complaints. Should you need any clarifications please contact us at compliance u/ampglobal.com"

April 9th, 2024, 04:47 AM

samasthiti

I just saw this notice on AMP GLOBAL's website and I have a hard time understanding it. Does that mean AMP GLOBAL is not operating anymore in Europe?

Does this affect AMP Futures (US) in any way? For American clients is this a warning sign that things are not going well behind the scenes?

Thank you for your input.

"Notice: We would like to inform you that AMP GLOBAL Ltd (the Company), hereby notifies you that is in the process of voluntarily renouncing its CIF License with authorization number 360/18. Therefore, the Company will no longer accept any new clients and/or the opening of any new accounts while it has terminated all its existing clients and informed them about the procedure that should be followed for their funds return and filing any complaints. Should you need any clarifications please contact us at compliance u/ampglobal.com"

My non-American wife had an account with AMP Global that was closed by them late last year. I have an account with AMP Futures (US) that has not been affected. I chalked it up to regulatory issues, not a sign of things going poorly.

April 12th, 2024, 12:22 PM

samasthiti

I just saw this notice on AMP GLOBAL's website and I have a hard time understanding it. Does that mean AMP GLOBAL is not operating anymore in Europe?

Does this affect AMP Futures (US) in any way? For American clients is this a warning sign that things are not going well behind the scenes?

Thank you for your input.

"Notice: We would like to inform you that AMP GLOBAL Ltd (the Company), hereby notifies you that is in the process of voluntarily renouncing its CIF License with authorization number 360/18. Therefore, the Company will no longer accept any new clients and/or the opening of any new accounts while it has terminated all its existing clients and informed them about the procedure that should be followed for their funds return and filing any complaints. Should you need any clarifications please contact us at compliance u/ampglobal.com"

I contacted AMP Global (Europe) and they confirmed this is limited to their Cyprus company that is regulated by CYSEC. They explained that their business decision to close forex and CFD trading was due to regulatory changes for forex and CFD's, as well as the ongoing geopolitical situation. Cyprus is in close proximity to areas currently experiencing heightened tensions in the Middle East, such as Syria and Iran.

They reassured me that this change won't affect their AMP Futures operations in their USA company.

Amp Global terminating existing clients?

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Amp Global terminating existing clients?