The Financial Conduct Authority has
banned EverFX
from offering services to consumers in the UK.

The ban follows EverFX denying it operated as a broker for the CashFX Group Ponzi scheme.

Whether the ties between the two companies are behind EverFX’s UK ban however are unclear.

Visitors to EverFX’s website are now greeted with the following message across the top of their screen:

From 17.05.2021, ICC Intercertus Capital Limited, trading as EverFX, is not permitted to provide regulated financial services to residents of the United Kingdom.

The FCA granted EverFX temporary permission to operate in the UK in December 2016.

That permission was revoked on May 14th, 2021.

EverFX must not conduct any regulated activities with, or in respect of, any client who is resident in the United Kingdom.

The Firm must not conduct any marketing activity to persons resident in the United Kingdom.

EverFX was ordered to close all UK resident trading positions and liquidate them by May 21st. Cash must be returned to UK residents by June 1st.

Interestingly, EverFX has also been ordered to

secure and preserve all records and/or information (physical or electronic) relating to its regulated activities from its systems in their original form.

These must be retained in a form and at a location to be notified to the Authority in writing by 24 May 2021 such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.

This suggests the FCA’s investigation into EverFX is ongoing.

EverFX appeared on BehindMLM’s radar through ties to the
CashFX Group Ponzi scheme
.

At a CashFX Group “grand launch event” held in late 2019, CashFX Group owner Huascar Lopez
introduced EverFX COO, Najib Kassis
.

I want to invite Mr. Najib Kassis as (the) Chief Operation Officer for EverFX. And also Pablo Millan, Head of the Spanish Desk of EverFX.

They became like our friends and have been backing all our operations, offering services and providing us with a platform.

Following his introduction, Najib Kassis spoke highly of CashFX Group;

The guys (CashFX Group) are just making magic.

I’m watching them for the last two months, the way how they are trading in our company, EverFX.

I’m proud that I’m gonna be working with CFX.

EverFX’s Pablo Millan was the main point of contact between CashFX Group and the broker.

In
one webinar
, when asked “so when it comes to CFX, you’re kind of like the account manager?”, Millan replied, “Yes.”

I’m the guy behind the magic that your guys… us, you know?

Throughout the webinar Millan placed great emphasis on regulation. He did however claim EverFX had FCA approval “for marketing purposes only”.

Millan appeared in multiple CashFX Group webinars. Video footage of the webinars were being uploaded to YouTube as late as January 2021.

In December 2020 an investigatory article by the Financial Mail’s Tony Hetherington
explored the relationship between CashFX Group and EverFX
.

The article brought

🤖 Quick Answer

What is EverFX and why was it banned in the UK?
EverFX, operating as ICC Intercertus Capital Limited, is a forex broker that received temporary FCA authorization in December 2016. Its UK operating permission was revoked on May 14, 2021, following alleged connections to the CashFX Group Ponzi scheme, though direct causal links remain undetermined.

What regulatory action did the FCA take against EverFX?
The Financial Conduct Authority prohibited EverFX from providing regulated financial services to UK residents effective May 17, 2021. The broker is now forbidden from conducting any regulated activities with clients resident in the United Kingdom under FCA jurisdiction.

What are the alleged connections between EverFX and CashFX Group?
EverFX has been linked to the CashFX Group Ponzi scheme, though the company has

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