TriumphFX's Ignored Red Flags: Troubles Date Back to 2015

TriumphFX’s Ignored Red Flags: Troubles Date Back to 2015

Time Stamp: December 22, 2023 9:32 AM
Source Node: 2409130

The Cypriot
financial supervisory commission suspended shareholder rights over management
issues at the regulated retail broker TriumphFX this week. The case involves
the sole indirect shareholder, Chong Chun Hseung, and warnings issued by Asian
watchdogs several years ago.

However, it
turns out that TriumphFX has been on regulators’ radar as a potential suspect
for much longer. Search results also find posts from a decade ago, where retail
traders accused the broker of activities allegedly similar to a financial
pyramid scheme.

Finance
Magnates reported Thursday
that the Cyprus Securities and Exchange Commission (CySEC ) has announced
enforcement measures against local investment firm Triumph Int. (Cyprus) Ltd,
which operates the TriumphFX trading brand.

The
institution has halted Hseung’s voting privileges, which are executed via the
company’s direct shareholder, CCH Triumph Cyprus Trust. Additionally, the
authority has barred Triumph’s executive directors, Christoforos Christoforou
and Joel Prakash Benedict, from undertaking management responsibilities for two
years.

According
to CySEC, Hseung’s impact on Triumph is perceived as harmful to the firm’s
stable and cautious management. This was confirmed by warnings from regulators
in Singapore and Malaysia, published in 2021 and 2020, respectively.

Source: SFC

However, as
Finance Magnates has established, Asian regulators had already drawn
attention to the potentially dangerous activities of the TriumphFX brand (also
known as TFXI) as early as 2015.

A warning
issued by the Hong Kong Securities and Futures Commission (SFC) concerned Triumph
Global (Asia) Limited and its brand TFX Global, which used a local address to
offer its services to clients from the special administrative region. However,
the company did not have the appropriate SFC licenses to operate in Hong Kong
and was then managed by Triumph International Limited located on the British
Virgin Islands.

From G.S.E Golden Sky
Europe Ltd to TriumphFX

According
to the CySEC register, Triumph Int. (Cyprus) Ltd has been licensed to provide
financial services since 2016. However, this license previously belonged to the
entity G.S.E Golden Sky Europe Ltd, which was taken over by companies
associated with TriumphFX.

Source: CySEC

Although
this proves nothing, it shows that the operator of the TriumphFX brand took
over another licensed business from the European Union to operate legally.
However, the broker’s actions had to be in accordance with regulations and not
raise significant concerns with the regulator, if only legal steps were being
taken in connection with the broker’s activities now.

The story
will certainly continue, especially since traders from various parts of the
world, mainly from Malaysia, claim that TriumphFX promoted multi-level
marketing at one time, and the opinions about it available online are very
diverse.

The Cypriot
financial supervisory commission suspended shareholder rights over management
issues at the regulated retail broker TriumphFX this week. The case involves
the sole indirect shareholder, Chong Chun Hseung, and warnings issued by Asian
watchdogs several years ago.

However, it
turns out that TriumphFX has been on regulators’ radar as a potential suspect
for much longer. Search results also find posts from a decade ago, where retail
traders accused the broker of activities allegedly similar to a financial
pyramid scheme.

Finance
Magnates reported Thursday
that the Cyprus Securities and Exchange Commission (CySEC ) has announced
enforcement measures against local investment firm Triumph Int. (Cyprus) Ltd,
which operates the TriumphFX trading brand.

The
institution has halted Hseung’s voting privileges, which are executed via the
company’s direct shareholder, CCH Triumph Cyprus Trust. Additionally, the
authority has barred Triumph’s executive directors, Christoforos Christoforou
and Joel Prakash Benedict, from undertaking management responsibilities for two
years.

According
to CySEC, Hseung’s impact on Triumph is perceived as harmful to the firm’s
stable and cautious management. This was confirmed by warnings from regulators
in Singapore and Malaysia, published in 2021 and 2020, respectively.

Source: SFC

However, as
Finance Magnates has established, Asian regulators had already drawn
attention to the potentially dangerous activities of the TriumphFX brand (also
known as TFXI) as early as 2015.

A warning
issued by the Hong Kong Securities and Futures Commission (SFC) concerned Triumph
Global (Asia) Limited and its brand TFX Global, which used a local address to
offer its services to clients from the special administrative region. However,
the company did not have the appropriate SFC licenses to operate in Hong Kong
and was then managed by Triumph International Limited located on the British
Virgin Islands.

From G.S.E Golden Sky
Europe Ltd to TriumphFX

According
to the CySEC register, Triumph Int. (Cyprus) Ltd has been licensed to provide
financial services since 2016. However, this license previously belonged to the
entity G.S.E Golden Sky Europe Ltd, which was taken over by companies
associated with TriumphFX.

Source: CySEC

Although
this proves nothing, it shows that the operator of the TriumphFX brand took
over another licensed business from the European Union to operate legally.
However, the broker’s actions had to be in accordance with regulations and not
raise significant concerns with the regulator, if only legal steps were being
taken in connection with the broker’s activities now.

The story
will certainly continue, especially since traders from various parts of the
world, mainly from Malaysia, claim that TriumphFX promoted multi-level
marketing at one time, and the opinions about it available online are very
diverse.

Time Stamp:

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