Local News

The Fukuoka Local Finance Bureau of the Ministry of Finance cancelled the registration of the iForex Co. in Fukuoka City and ordered the resignation of the company president for improper management of security deposits entrusted to them by customers. Foreign exchange trading is popular because it allows punters to make trades in currencies in amounts several times the amount they have on deposit. When the traders’ losses exceed their deposits, they are required to add to their deposit, but iForex allowed some customers to continue trading with insufficient funds. The fund shortfall was not specified, and the bureau said the number of customers iForex allowed to continue trading was in the dozens.