Jp markets withdrawals
The FSCA said it was preparing to hand the matter over to the national prosecution authority (NPA) for further investigation and possible criminal prosecution.
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End of the road for JP markets as court orders final liquidation
By sizwe dlamini sep 8, 2020
JOHANNESBURG – JP markets, the platform and technology for clients to trade forex in the international financial markets, is now under final liquidation as per the order of the gauteng high court.
The global forex powerhouse, as JP markets describes itself on its website, was accused of not paying out client withdrawals, not posting client’s deposits to their trading accounts and even manipulating data feeds.
The liquidation application was granted on september 7, after the financial sector conduct authority (FSCA) had filed an urgent application with the high court to liquidate JP markets and its bank accounts frozen.
In a statement on tuesday, the FSCA said this was the first time that the statutory power in section 38B of the FAIS act had been used by the FSCA. The section allows the authority to launch liquidation proceedings if it considers that the interests of the clients of a financial services provider or of members of the public so require.
The FSCA said it would work with the liquidators to do everything in its power to ensure that clients of JP markets recovered as much as possible of their funds. It said due to its intervention more than R2.58 billion was preserved in the numerous bank accounts held by JP markets.
JP markets, which was established in 2016 by founder and chief executive justin paulsen, has a domestic presence in johannesburg, polokwane, bloemfontein, cape town and pretoria, as well as an international presence in eswatini, kenya, pakistan and bangladesh.
The investigation against JP markets and paulsen, who is the only director and shareholder, has been completed, according to the authority. “the FSCA has given notice of its intention to debar paulsen from the industry,” it said. “on liquidation, the licence of JP markets was automatically withdrawn.”
The FSCA said it was preparing to hand the matter over to the national prosecution authority (NPA) for further investigation and possible criminal prosecution.
“the FSCA has taken these steps because of the substantial risk to the public in instances where entities and individuals act as issuers of derivative products (product providers) without having the adequate financial reserves, risk management system and knowledge, and as an on-going effort to remove financial service providers (fsps) who are prepared to act outside the law from the financial industry,” it said.
The FSCA has several other on-going investigations into forex platform operators.
Justice gilbert, who heard the application, appointed corné van den heever and tebogo malatjie as JP markets’ joint liquidators in terms of the financial advisory and intermediary services (fais) act.
“the respondent is placed under final winding-up in the hands of the master of the high court, johannesburg in terms of the fais act. The applicant’s costs, including any previously reserved costs, are costs in the winding-up of the respondent,” he said.
Justice gilbert pointed out that JP markets only filed its application for a licence on the eve of the FSCA’s liquidation application, while it had 16 months to do so.
He also said: “every FSP is, in terms of the fais act, required to have a key individual who oversees and manages the activities of the FSP relating to the rendering of financial services. Paulsen is the chief executive officer and the key individual of the respondent.”
The FSCA reminded consumers that forex derivative trading was a high-risk investment only suitable for investors with the required knowledge, skills and experience. “the public should carefully consider whether trading in such financial instruments is suitable for them. As forex derivative platforms are a very popular space for scammers and fraudsters to ply their trade, additional care should be taken when dealing with any platform.”
No withdrawals and deposits at JP markets following a provisional suspension
JP markets’ clients have been hit hard when FSCA suspended all the broker’s activities, including freezing their accounts. Due to the suspension, existing clients will not be able to withdraw or deposit funds into their accounts. It gets bad, traders won’t be able to trade as all the JP markets trading platforms have been paused due to frozen accounts.
The broker took to instagram and released a statement regarding the situation at hand. JP markets announced an update regarding the provisional suspension of the FSP licence.
‘we have been working around the clock with our legal and compliance team to navigate this difficult period’
JP markets confirmed they have filed an opposing application and that the matter is set down for argument on 21 july 2020 in the johannesburg high court.
“in the intervening period, our access to banking facilities has been restricted and we are not able to pay any client withdrawals as a direct result thereof.”
“we have no other option but to place a hold on all deposits and withdrawals with immediate effect. This will impact all clients negatively as all open positions will need to be closed”
Will this matter be solved? Well, when the licence was provisionally suspended the JP markets CEO, justin paulsen was confident that the decision was going to be overturned. At this point, it is very hard to tell.
“we acknowledge that these are temporary measures put in place by the FSCA, however, the detrimental effects of said measures will no doubt have lasting effects on our business operations, we will continue to keep all clients updated and any further developments will be published timeously.” JP markets concluded.
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End of the road for JP markets as court orders final liquidation
By sizwe dlamini sep 8, 2020
JOHANNESBURG – JP markets, the platform and technology for clients to trade forex in the international financial markets, is now under final liquidation as per the order of the gauteng high court.
The global forex powerhouse, as JP markets describes itself on its website, was accused of not paying out client withdrawals, not posting client’s deposits to their trading accounts and even manipulating data feeds.
The liquidation application was granted on september 7, after the financial sector conduct authority (FSCA) had filed an urgent application with the high court to liquidate JP markets and its bank accounts frozen.
In a statement on tuesday, the FSCA said this was the first time that the statutory power in section 38B of the FAIS act had been used by the FSCA. The section allows the authority to launch liquidation proceedings if it considers that the interests of the clients of a financial services provider or of members of the public so require.
The FSCA said it would work with the liquidators to do everything in its power to ensure that clients of JP markets recovered as much as possible of their funds. It said due to its intervention more than R2.58 billion was preserved in the numerous bank accounts held by JP markets.
JP markets, which was established in 2016 by founder and chief executive justin paulsen, has a domestic presence in johannesburg, polokwane, bloemfontein, cape town and pretoria, as well as an international presence in eswatini, kenya, pakistan and bangladesh.
The investigation against JP markets and paulsen, who is the only director and shareholder, has been completed, according to the authority. “the FSCA has given notice of its intention to debar paulsen from the industry,” it said. “on liquidation, the licence of JP markets was automatically withdrawn.”
The FSCA said it was preparing to hand the matter over to the national prosecution authority (NPA) for further investigation and possible criminal prosecution.
“the FSCA has taken these steps because of the substantial risk to the public in instances where entities and individuals act as issuers of derivative products (product providers) without having the adequate financial reserves, risk management system and knowledge, and as an on-going effort to remove financial service providers (fsps) who are prepared to act outside the law from the financial industry,” it said.
The FSCA has several other on-going investigations into forex platform operators.
Justice gilbert, who heard the application, appointed corné van den heever and tebogo malatjie as JP markets’ joint liquidators in terms of the financial advisory and intermediary services (fais) act.
“the respondent is placed under final winding-up in the hands of the master of the high court, johannesburg in terms of the fais act. The applicant’s costs, including any previously reserved costs, are costs in the winding-up of the respondent,” he said.
Justice gilbert pointed out that JP markets only filed its application for a licence on the eve of the FSCA’s liquidation application, while it had 16 months to do so.
He also said: “every FSP is, in terms of the fais act, required to have a key individual who oversees and manages the activities of the FSP relating to the rendering of financial services. Paulsen is the chief executive officer and the key individual of the respondent.”
The FSCA reminded consumers that forex derivative trading was a high-risk investment only suitable for investors with the required knowledge, skills and experience. “the public should carefully consider whether trading in such financial instruments is suitable for them. As forex derivative platforms are a very popular space for scammers and fraudsters to ply their trade, additional care should be taken when dealing with any platform.”
JP markets
Have you been making your withdrawals via our CRM? ��
Are you aware that our CRM allows for much faster withdrawals? You will need to complete a few extra steps on the system leaving our admin staff to just do a quick confirmation before processing the withdrawal.
This allows us at JP markets to handle significantly more withdrawals at a much faster speed, which means you get your funds even sooner!
JP markets
Official statement
JP markets
Your dreams don’t work unless you do �� ��
JP markets
Always take the road less traveled �� ��
JP markets
JP markets has officially launched whatsapp chat where clients can get their queries resolved by our dedicated support team. This easy to use service will replace instagram and facebook dms. Instead of facebook … ещё or instagram DM's you can log into your whatsapp and message us. The automated system is set up so that you are taken to the relevant department instantly. Your queries are resolved much quicker and the process is more efficient. Please note that as this feature has been enabled ������ �������������� �������� �������� ���� ������������ ���� �������������������� ���� ������ ���� ���������������� ������ ������������������.
Live chat (website), email, telephone and whatsapp chat are the only valid avenues to get a hold of us. ���������������� ��������: +���� ���� ������ ��������
JP markets
Interview with jonathan
Our head of training teboho sat down with jonathan to discuss his journey with JP markets. Jonathan has been a JP markets clients since our inception in 2016 and this is how his journey has been. # clientfeedback # forex # financialfreedom
JP markets
Clients are encouraged to carefully read and familiarise themselves with the new terms and conditions of the 200% bonus on our website, below are a few important changes to expect.
• margin requirements and stop out levels will be adjusted to 30%.
• the full credit amount will be removed from the trading account upon the P/L total being less than your initial deposit.
• it’s the traders responsibility to manage the margin requirements and ensure that a sufficient balance total is available to avoid positions being closed with a stop out order.
We are very excited to introduce this 200% bonus to our traders, we’ll send all clients an update email next week in preparation for the launch.
JP markets
200% bonus
Clients are encouraged to carefully read and familiarise themselves with the new terms and conditions of the 200% bonus on our website, below are a few important changes to expect.
• margin requirements and stop out levels will be adjusted to 30%.
• the full credit amount will be removed from the trading account upon the P/L total being less than your initial deposit.
• it’s the traders responsibility to manage the margin requirements and ensure that a sufficient balance total is available to avoid positions being closed with a stop out order.
We are very excited to introduce this 200% bonus to our traders, we’ll send all clients an update email next week in preparation for the launch.
JP markets
NB announcement: JP markets withdrawals
JP markets always strives to ensure that the value being delivered to our clients remains TOP PRIORITY!
Due to the new operational measures implemented for the COVID19 impact; we are experiencing a backlog of withdrawals and have thus been unable to deliver our usual 2 – 4 hours processing time.
In an attempt to better this process under the new confines, and ensure you still receive your withdrawals quicker than all our competitors, we have made a decision to limit the amount of withdrawals that you can do PER DAY.
With immediate effect your dashboard will be adjusted to permit two (2) withdrawal requests per day, (1 every 12 hours). This will allow our withdrawal department… ещё
JP markets
Official statement
JP markets
Your dreams don’t work unless you do �� ��
JP markets
Always take the road less traveled �� ��
JP markets
JP markets has officially launched whatsapp chat where clients can get their queries resolved by our dedicated support team. This easy to use service will replace instagram and facebook dms. Instead of facebook … ещё or instagram DM's you can log into your whatsapp and message us. The automated system is set up so that you are taken to the relevant department instantly. Your queries are resolved much quicker and the process is more efficient. Please note that as this feature has been enabled ������ �������������� �������� �������� ���� ������������ ���� �������������������� ���� ������ ���� ���������������� ������ ������������������.
Live chat (website), email, telephone and whatsapp chat are the only valid avenues to get a hold of us. ���������������� ��������: +���� ���� ������ ��������
JP markets
Interview with jonathan
Our head of training teboho sat down with jonathan to discuss his journey with JP markets. Jonathan has been a JP markets clients since our inception in 2016 and this is how his journey has been. # clientfeedback # forex # financialfreedom
JP markets
Clients are encouraged to carefully read and familiarise themselves with the new terms and conditions of the 200% bonus on our website, below are a few important changes to expect.
• margin requirements and stop out levels will be adjusted to 30%.
• the full credit amount will be removed from the trading account upon the P/L total being less than your initial deposit.
• it’s the traders responsibility to manage the margin requirements and ensure that a sufficient balance total is available to avoid positions being closed with a stop out order.
We are very excited to introduce this 200% bonus to our traders, we’ll send all clients an update email next week in preparation for the launch.
JP markets
200% bonus
Clients are encouraged to carefully read and familiarise themselves with the new terms and conditions of the 200% bonus on our website, below are a few important changes to expect.
• margin requirements and stop out levels will be adjusted to 30%.
• the full credit amount will be removed from the trading account upon the P/L total being less than your initial deposit.
• it’s the traders responsibility to manage the margin requirements and ensure that a sufficient balance total is available to avoid positions being closed with a stop out order.
We are very excited to introduce this 200% bonus to our traders, we’ll send all clients an update email next week in preparation for the launch.
JP markets - south africa's and africa's biggest forex broker
JP markets is a global forex powerhouse. We set high standards for our services because quality is just as decisive for us as for our clients. We believe that versatile financial services require versatility in thinking and a unified policy of business principles. We continue to grow everyday thanks to the confidence our clients have in us. We are licensed and regulated by the financial services board, south africa, FSP 46855.
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We do not charge you any fees for bank deposits or withdrawals made through our payment gateways. We are africa’s best, most reliable & trusted broker.
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With high performing and innovative technology, our platforms are fast and sufficient for your trading. We do not lag and do not re-quote on orders. What you want you get.
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With our almost instant deposit and almost instant funds withdrawal technology. You can enjoy your success almost instantly. No long waiting periods.
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Safety is our top priority. Your monies is always safe with us and are kept in a separate banking account as requested by our regulator. Your money is safe and secure.
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Customer support, one of our most prized position – to what makes us different. Call, email or chat with us today. Our consultants are happy to help you with any request.
South africa currency trader JP markets to oppose liquidation bid
South african currency-trading platform JP markets (pty) ltd. Plans to oppose a court application by the nation’s financial-services regulator to shut it down.
The financial sector conduct authority has said it wants the firm liquidated for operating an unlicensed over-the-counter derivatives business and in june provisionally suspended its financial-services provider’s license. Its bank accounts were frozen earlier this month.
The company was working in “good faith” with the FSCA to correct the issue when its license was pulled, darren hanekom, a lawyer for JP markets, said by email. It had made “full and frank disclosures” on its business model to the FSCA as recently as september, he said.
While JP markets paid an application fee for the derivatives license, it had not made an application, the pretoria-based regulator said by email. The FSCA was not aware that JP markets was issuing contracts for difference until this was revealed by a witness during the regulator’s investigation, which started after it received complaints about the company, it said.
JP markets, founded in 2016 by 33-year-old university of cape town graduate justin paulsen, has 320,000 clients, about 20,000 to 40,000 of which are active, hanekom said. It paid out over 1 billion rand ($61 million) in customer withdrawals in the three months before its accounts were frozen, and receives about 300 million rand in client deposits a month, he said.
The firm also faces an online petition signed by more than 3,200 people amid allegations it refused to make refunds.
The petition was created under a pseudonym by someone who wasn’t a JP markets client and relate to technical breaks, hanekom said. JP markets has taken steps to limit interruptions, he said.
The liquidation application will be heard on july 31.
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South africa regulator temporarily suspends license of JP markets
JP markets has been operating in the country since 2016 under the approval from the financial services board.
South african regulator the financial sector conduct authority (FSCA) has “provisionally” suspended the licence of FX broker JP markets SA (pty) ltd, citing issues in processing its clients’ withdrawals for quite some time.
The watchdog handed down a temporary suspension on the FSP license of the south africa based-firm after it received numerous complaints from clients missing to get their deposits back.
The license suspension does not preclude JP markets from processing the client withdrawals. A quick check on our side, however, shows the amount of complaints related to this problem has been coming to the light more than a year ago, as well as more withdrawal complaints keep on surfacing.
But while the license suspension is in force, the company is not permitted to enter into a business relationship with any person, accept any new customer, or provide any services.
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In a statement, the FSCA added that it is also considering further enforcement actions, which will be made public in due course. The suspension and possible further enforcement actions would depend on the findings of its investigations into this case.
“the authority has decided to provisionally suspend the FSP licence, pursuant to the commencement of an investigation into the contraventions of certain financial sector laws by JP markets and numerous complaints received from clients based on JP markets’ failure to honour client withdrawal requests. During the period of JP markets provisional suspension, it is also not permitted to take on any new business,” the regulator further states.
JP markets has been operating in the country since 2016 under the approval from the financial services board no: 46855. The broker also has a presence in kenya, pakistan, and bangladesh.
The FSCA, however, clarified that JP markets isn’t authorized to act as an OTC derivative provider and therefore is not permitted, even under regular features of its business, to “originate, issue, sell or make a market in OTC derivatives.”
South africa enjoys a strong and well-organized financial market, and therefore has become a popular destination for brokers looking to expand. It is one of the world’s top ten capital markets and boasts thousands of investors. The country itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as europe.
So, let's see, what was the most valuable thing of this article: the FSCA has given notice of its intention to debar founder and chief executive justin paulsen, who is the only director and shareholder, from the industry. At jp markets withdrawals
Contents of the article
- Real forex bonuses
- End of the road for JP markets as court orders...
- No withdrawals and deposits at JP markets...
- End of the road for JP markets as court orders...
- Facebook
- Official statement
- Interview with jonathan
- 200% bonus
- Facebook
- NB announcement: JP markets withdrawals
- Official statement
- Interview with jonathan
- 200% bonus
- JP markets - south africa's and africa's biggest...
- Negative balance protection
- Zero fee because we want you to prosper
- Quick & sufficient trading platforms
- Fast, reliable deposits & withdrawals
- State of the art security for your money
- Friendly customer support
- South africa currency trader JP markets to oppose...
- Engaging with your clients simplified.
- Consolidated everything an IB needs into a single...
- Ultra low spreads
- 250+ trading instruments
- $10 minimum deposit
- Leverage 1:500
- Immediate deposits and withdrawals
- 24/5 email support
- Instruments
- Desktop, tablet, mobile
- Automated trading platforms
- Spreads offering
- Client funds security
- Multilingual languages
- Customer support
- Connect through whatsapp
- Why trade with veracity markets?
- Trade anywhere any time
- Choose your account type
- Access the world's top tradable assets
- Become a just perfect trader today...
- Trade a broad range of markets
- Forex trading
- Cryptocurrencies
- Indices
- Metals
- Commodities
- Shares
- Start your trading with veracity markets in 4...
- Register
- Verify
- Trade
- Trade
- Helpdesk
- Connect now:
- Trading
- Platforms
- Partners
- Promotions
- Company
- Legal and regulation
- Clearing services
- High risk investment warning
- Disclaimer
- Regional restrictions
- Responsible trading policy
- Safety of funds
- Refund policy
- South africa regulator temporarily suspends...
- JP markets has been operating in the country...
- Suggested articles
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