Ukraine-based broker, MMCIS, is no stranger to trouble, as it has already been blacklisted in the past by Russia’s CRFIN, while in recent days it was accused by many clients of not allowing them to make withdrawals amongst other complaints and it was also warned against by the Maltese financial authority for being unauthorized.
Having found itself in the eye of the cyclone then, the company has responded with a series of what are described as anti-crisis measures, in order to attempt to stabilize the company and combat the panic that was created in and around it lately. The measures are spearheaded by the company’s newly-elected president and were put in place to deal with what is perceived by MMCIS as an attack on it by raiders coupled with widespread panic attributed, however, to external factors.
This is why the company is building up its defenses through the hiring of lawyers to file lawsuits against the media outlets that they feel were spreading out wrong rumours about MMCIS as well as the employment of moderators to censor forum posts and comments. Moreover, it decided to increase the security of its website through technical measures and prepare its employees both psychologically as well as logistically to be able to handle a possible situation where the company’s clients or associates might try to make a run on company premises to ask for their withdrawals.
Introducing brokers and partners working with MMCIS experienced problems recently because their funds where temporarily locked and certain payment systems were disabled. The new company president decided to increase staff in the financial department and instructed the employees to unblock the funds of partners and revert to the use of the previously disabled payment systems.
Those most hit however would be the clients who are faced with severe limitations as regards withdrawals, since the company moved to cancel all pending withdrawal requests which had not received final approval and set a limit, allowing customers to only request one withdrawal per week for a maximum amount of $200 each time. Another promise included in the announced measures is that the customer verification process will be expedited and if achieved this will be good because a long wait was one of the common complaints recently voiced against the company.
There is no doubt that the confidence of clients as well as associates in MMCIS has shaken due to recent developments. However, we will not rush to recite eulogies on the broker just yet…because we do hope that the measures taken will be proven effective and fruitful. It will be a shame for a broker that has met with such tremendous success in the past to fail dismally, leaving behind unsatisfied clients and associates.