FuturesBetting.com winding down!

A statement indicated that it had been caught up in the recent Global Trader affair:

“It is with regret that FuturesBetting.com has had to take this action; however it is the priority and responsibility of the firm, as a regulated entity, to protect client funds. The reason for the decision to require all clients to close their positions is because the Company can no longer meet its capital adequacy requirements. Unfortunately FuturesBetting.com has been caught up in the financial crisis of Global Trader Europe and a significant proportion of the company’s resources have been ‘frozen’ along with that of all of Global Trader Europe’s other clients.”

“We have informed the Gibraltar Regulator of the situation and have agreed that the Company will cease trading with immediate effect.”

Clients were being asked to close their positions by end of trading on Friday.

Tags: futuresbetting, Global Trader Europe

This entry was posted on Saturday, March 15th, 2008 at 1:04 am and is filed under Industry Happenings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.