Agra Markets Expelled from Financial Commission’s Membership Roster

• The Financial Commission has announced the termination of Agra Markets from its membership due to a breach of contractual obligations.
• Agra Markets was expelled from the Financial Commission effective May 3, 2024, following repeated violations of rules and guidelines.
• Following the expulsion, the commission will not process any new complaints from Agra Markets clients.

Agra Markets, a member of the Financial Commission since 2022, has been expelled from the membership roster due to repeated violations of rules and guidelines.

Termination of Agra Markets’ Membership

The Financial Commission today announced the dismissal of Agra Markets from its membership as a result of a breach of the broker’s contractual obligations. The membership status of Agra Markets was terminated due to failure to adhere to membership rules and after it was given numerous opportunities to rectify its shortfalls, as stated in a FinaCom statement.

Implications for Agra Markets’ Clients

As a result of this expulsion, the commission noted that it will not be able to process any new complaints from Agra Markets clients, following its expulsion from its roster as of the date of this announcement and moving forward, or until membership is approved again. Agra Markets clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by the Dispute Resolution Committee.

FinaCom’s Stance on Non-Members

Agra Markets had been a member of the Financial Commission since 2022. Traders of a company with this membership status can be eligible for compensation of up to €20,000 per complaint, as well as having access to all dispute resolution services offered by the commission. However, the Financial Commission cannot process complaints against non-members, and no further action is taken.

Conclusion

The expulsion of Agra Markets from membership is an important step as it adds credibility to the Financial Commission and encourages companies that are already members to adhere to the highest standards of operation. In addition to providing dispute resolution and certification services to the participants of the Forex and derivatives markets, the Financial Commission extends its coverage to the crypto community and blockchain startups.