Ironfx UK renames its company 8SAFE UK Limited

The IronFx forex brokerage headquartered in Cyprus renamed its UK subsidiary. According to an official notice, Ironfx Global UK Limited was renamed to 8SAFE UK Limited. The move occurs a few months after the departure of Stefanos Mitsi, the CEO of IronFx UK Limited.

A company spokesperson said: "This is a simple legal name change, the companies will continue to be thought of as IronFx. Our FCA license remains the same."

In the meantime, some of the broker's clients who have had their withdrawal requests pending for months were contacted by the Financial Ombudsman in Cyprus. The institution has collected an administrative fee of €20 for each complaint filed against IronFx due to the high volume of work on this case, and the investigation has been extended for three months.

The British subsidiary of Ironfx has been regulated by the FCA since 2013 as an STP NDD broker. Unlike IronFx Global Limited, which is headquartered in Cyprus, and which is a market maker, the entity based in the United Kingdom might have been exposed to excessive movements of Swiss franc pairs on the foreign exchange market on 15 January 2015.