Argentex LLP agrees voluntary requirement with FCA

(Sharecast News) - Argentex Group said in an update on Friday that its main trading subsidiary, Argentex LLP, has agreed to a voluntary requirement (VREQ) imposed by the Financial Conduct Authority, which restricts it from carrying out any regulated activity with immediate effect. Under the terms of the VREQ, Argentex LLP must cease registering or onboarding new customers and is prohibited from opening any new foreign exchange trades.

The AIM-traded firm said the subsidiary was also required to take all reasonable steps to stop incoming payments from existing clients.

It said the measures followed ongoing supervisory engagement by the FCA in response to recent market volatility and liquidity pressures affecting the business.

Argentex did not provide further details on the timing or potential duration of the restrictions.

Reporting by Josh White for Sharecast.com.