Francesc at FX Street is reporting that the SFBC investigation of Crown Forex continues and that customers still can’t withdraw their funds. However, it appears the blockade may be lifted in a few weeks time.
Francesc’s Weblog » Update - Crown Forex investigation… still weeks to go
Quote:
As I know many of you are highly concerned for the sake of your money at Crown Forex as the firm is currently under SFBC (Swiss Federal Banking Commission) investigation, I’m trying to be in close contact with management at Crown Forex and SFBC in order to keep you as best updated as possible.
Today, I got a phone call from SFBC. My counterpart was not able to confirm me when the investigation will end but from our conversation I got the feeling that we are not far from it.
I had been previously told that we could see the end during this week but it seems that the investigation will still last for some more weeks.
What I do get a confirmation is that it is totally true that SFBC does not allow traders to withdraw their money till the investigation will finish. To get this confirmation from SFBC is definitely a relief for me and I hope it is for many of you.
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This is what can happen to you if you trade with an unregulated broker. Beware Swiss brokers that do not have a banking license.