Exclusive: IC Markets reverses decision to deport clients to Seychelles

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Exclusive: IC Markets reverses decision to deport clients to Seychelles
Image: IC Market logo

IC Market explained In her email to her non-Australian customers on Friday, June 21, 2019, she said she would migrate their accounts to her branch in Seychelles automatically. And the customer who does not wish to do so must fill out a special form, but it has disclaimed its responsibility to those who will not migrate his account for any changes that may occur in the near future. Details of this mail in our previous topic “Developments of transferring IC Markets' non-Australian clients to its Seychelles branch.

But today IC Markets AU sent out a new email to its Australian clients simply telling them to "pretend the previous email didn't happen". In its recent email to its clients, the brokerage firm stated that after reading the valuable comments made by their clients on the migration decision, they have made a new decision to keep clients' accounts intact with International Capital Markets Pty Ltd (IC Markets AU). Accordingly, nothing will change for you as a non-Australian client of IC Markets.

The broker's reaction has been very swift as it joins a large number of Australian brokers assuring their clients that their operations will continue as normal after June 30th. This is the deadline that ASIC gave companies in April to submit a large amount of data. However, the email mentions that you are still free to migrate your account to IC Markets in Seychelles if you wish.

Finally, the email explains that both IC Markets (AU) and IC Markets (SC) hold all client funds in completely segregated accounts by Australian and AA rated banks as NAB and Westpac that operate under the same core values that made IC Markets a pioneer. The industry has been trusted by thousands of merchants, she says. Then the brokerage company apologizes to its clients for any inconvenience caused by the first relay email.

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