IronFX dropping out from UCRFIN. This may not be the worst News as some people imagine.
UCRFIN is a Non-Commercial & Self-Regulatory association in Ukraine for Forex market operations. It is not an official Regulatory Authority nor Government related entity, but the group is consisted of a few Online Brokers at the moment.
There is no official announcement from IronFX or UCRFIN yet though, apparently IronFX has dropped down from UCRFIN recently.
Now that the Association group, UCRFIN has only 3 Online Forex Brokers which are “ForexClub”, “TeleTrade” and “RoboForex”.
The association is aiming to improve Ukrainian Financial legal framework and technological basis, and implement common standards and market behavior rules for Forex companies and control over their compliance both by Association members and other market participants.
IronFX retiring from the group doesn’t really mean that the broker has lost the Ukrainian Forex Market, but it means that their office located in Ukraine and the financial service towards Ukrainian market will not be “self-regulated”.
According to other Forex News Websites, they have mentioned that “IronFX hasn’t paid incurred fees and there is no contact from IronFX to UCRFIN” though, IronFX may not have just seen any positive impact of joining the association made by a few Online Brokers.