Many good stories start with “once upon a time”. Our story about Notesco, a broker regulated by several regulatory regimes, and Wirecard client is no exception. The story took place in Bratislava in spring 2018. At that time some people met at the Grand Hotel River Park.
A Meeting in Bratislava
The subject of the meeting was a transaction to purchase 25,000 Bitcoins (BTC) for Russian businessmen. The broker in charge of the transaction, a Slovakian sports manager (identity is known to FinTelegram), suggested that the transaction could be carried out via the Cypriot IronFX. They could move $80 million per week and thus the transaction to acquire this BTC 25,000 could be completed within three weeks. KYC and AML would not be an issue for IronFX, the crypto-broker assured. He had already completed such transactions for other customers through IronFX.
Brands and Entities
This was the first time we had noticed IronFX. In the course of the crypto hype of the years 2017/18.
IronFX and FXGiants are global brokerage brands with licensed entities under different regulatory regimes:
- In Cyprus, the company is regulated as Notesco Financial Services Ltd (previously IronFX Financial Services Ltd) and is permitted to operate the IronFX brand under the domain www.ironfx.eu for EU investors;
- in the UK, the Notesco UK Limited is regulated by the FCA with the brands IronFX, FXGiants, FXCESS, and Neural4X;
- Through Bermuda registered Notesco Limited, the IronFX, and FXGiants brands and websites are operated under the domains www.ironfx.com and www.fxgiants.com for non-EU investors
- Notesco Pty Limited operates a separate site for Australian investors and
- Notesco SA (Pty) Limited of South Africa operates a site for investors in that jurisdiction.
Currently, Markos Andreas Kashiouris, born Dec 1972, controls Notesco UK Limited. He is also a Director of the company and a Director of Notesco Financial Services Limited, Cyprus. In addition to him, his compatriot Andrew Raikes Hargreaves, born May 1955, is also a director in both companies.
Since its inception in 2010, IronFX or the respective operator has repeatedly encountered problems with financial market regulators. On Forex Peace Army (FPA) you can find a nice compilation of the regulatory as well as legal proceedings in the broker’s environment.
Most recently in December 2019, the Canadian regulator British Columbia Securities Commission (BCSC) issued an investor warning against Notesco Limited in Bermuda and against IronFX.
Request 4 Information
In the last few weeks, we have received more and more complaints about IronFX. FXGiants is listed as a scam on Forex Peace Army (FPA). We are also interested in the cooperation between Notesco and Wirecard. If you have any complaints and/or information and/or good experience with IronFX or Notesco, we would be happy if you share them with our FinTelegram Research Team.