This week, the Cyprus Financial Regulatory Commission suspended shareholder rights over management issues at TriumphFX, a regulated retail broker.。The case involves Chong Chun Hseung, the sole indirect shareholder, and a warning issued by Asian regulators several years ago.。

However, it turns out that TriumphFX has been on the watchdog's radar much longer as a potential suspect.。The search also uncovered a ten-year-old post in which a retail trader accused the broker of activities similar to financial pyramid schemes.。

Hong Kong warns of TriumphFX 8 years ago

The Cyprus Securities and Exchange Commission (CySEC) has announced a decision on local investment firm Triumph Int..Enforcement measures were taken by (Cyprus) Ltd, which operates the TriumphFX trading brand。

The agency has stopped Hseung's voting rights, which were enforced through the company's direct shareholder, CCH Triumph Cyprus Trust.。In addition, the agency barred Triumph's executive directors, Christoforos Christoforou and Joel Prakash Benedict, from assuming management responsibilities for two years.。

According to CySEC, Hseung's impact on Triumph is considered detrimental to the company's stable and prudent management.。Warnings issued by Singapore and Malaysian regulators in 2021 and 2020, respectively, also confirm this.。

However, Asian regulators have drawn attention to the potentially dangerous activities of the TriumphFX brand (also known as TFXI) as early as 2015.。

The warning issued by the Hong Kong Securities and Futures Commission (SFC) concerns Triumph Global (Asia) Limited and its brand TFX Global, which uses local addresses to provide services to customers in the SAR.。However, the company did not have the appropriate SFC licence to operate in Hong Kong and was then managed by Triumph International Limited, which is based in the British Virgin Islands.。

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

According to the CySEC registry, Triumph Int.(Cypus) Ltd licensed to provide financial services since 2016。However, the license previously belonged to G.S.E Golden Sky Europe Ltd entity, later taken over by TriumphFX's related company。

While this doesn't prove anything, it shows that the operator of the TriumphFX brand took over another licensed business from the EU to operate legally.。However, if only legal measures relating to the broker's activities are now taken, the broker's actions must be in compliance and not cause significant concern to the regulator.。

Traders from around the world (mainly Malaysia) claim that TriumphFX once promoted multi-level MLM, and opinions on it online are mixed。