Squared Financial’s Seychelles-based offshore operation has effectively ceased functioning, with the CFD broker blocking new account registrations and its website displaying error messages across multiple locations. The shutdown comes approximately six months after the firm surrendered its Cyprus license and vacated its European operations.
Complaints from traders have surged on review platforms like Trustpilot throughout June and July, primarily concerning frozen withdrawals and unresponsive customer support. The situation escalated when Temitope Ijibadejo, former Managing Director of Squared’s Nigerian operations, publicly filed a petition with local authorities demanding investigation into the company’s financial operations and the location of Nigerian investor funds. Ijibadejo stated withdrawal complaints began mounting in May, prompting him to contact founder Philippe Ghanem, who reportedly confirmed plans to wind down operations by late May.
Despite the operational collapse, the Financial Services Authority of Seychelles lists Squared Financial’s securities dealer license as still active. Ghanem has not responded to inquiries and removed all Squared Financial references from his LinkedIn profile.
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FXnCO Insight
** Traders holding funds with Squared Financial’s Seychelles entity should immediately document account balances, transaction histories, and contact regulatory authorities while the license remains technically active.
Source: Finance Magnates