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The Cyprus Securities and Exchange Commission suspended the CIF licence of Meridian FX (Europe) Ltd on Friday, after an audit found a €4.1M shortfall between client balances and segregated deposits. The suspension freezes new client onboarding and deposits while the firm submits a remediation plan within 15 days.
Meridian FX's Australian parent — which holds a separate ASIC licence and serves the majority of its clients — is not named in the action. The firm says European client withdrawals continue to process normally and attributes the gap to "a reconciliation timing error with a payment provider."
“A timing error doesn't leave a €4.1M hole for six consecutive weeks. Either the controls failed, or someone chose not to look.”
Iraq Brokers has downgraded the European entity to “Suspended — do not deposit” and opened priority mediation for the 61 affected cases in our queue. Clients of the Australian entity are unaffected but should confirm which entity their account agreement names.