SOUTH AFRICA
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LeapRate Exclusive… LeapRate has learned that a number of leading affiliates of South African retail forex broker ACM Gold have lost patience with ACM Gold and its continued regulatory problems, and are shifting their business to other brokers.
ACM continues to have its FSB license listed as ‘provisionally withdrawn‘, now for more than a month, meaning that ACM can continue doing business and executing trades for existing clients, but cannot take on any new clients. And that’s where affiliates and IBs typically make their money – introducing new clients into forex brokers.
ACM’s current troubles are believed to have resulted mainly due to the activity of its largest affiliate, Platinum Forex. Platinum is owned and run by a charismatic and popular pastor named Colin Davids who had his assets seized by South African authorities under suspicion that he was running a pyramid scheme financing his lavish lifestyle.
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