Summary of City Credit Capital (UK) Ltd Trading Company
City Credit Capital (UK) Limited (CCCUK) went out of business due to bankruptcy. City Credit Capital (UK) transferred funds from professional investors to its Malaysian counterparty, CCC (Labun) Limited. The investment amounted to 7.7 million pounds. Subsequently, CCC (Labun) Limited was liquidated due to bankruptcy. Additional debt of CCC Labun amounted to another £3.1 million under a loan program arranged by the parent company. The total debt of City Credit Capital (UK) to professional investors was over £10 million. As a result of the bankruptcy, CCC (Labun) Limited cannot repay its debts to its parent company, City Credit Capital (UK), and professional investors. Due to contract breaches, the broker's investors suffered losses totaling over £10 million. The safety of the invested funds is at risk. Brands managed by City Credit Capital (UK) Limited - CIX Markets, Markets Trader. These companies have also been declared bankrupt.
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FAQs
Why has City Credit Capital (UK) Ltd been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against City Credit Capital (UK) Ltd by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of City Credit Capital (UK) Ltd is down, not updated or operates with clear errors and some features are not available;
• City Credit Capital (UK) Ltd has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if City Credit Capital (UK) Ltd got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why City Credit Capital (UK) Ltd got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from City Credit Capital (UK) Ltd?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if City Credit Capital (UK) Ltd is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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