The Brazil Securities Commission (CVM) issued a market alert and ordered Ukuchuma Financial Services (PTY) LTD and IGM Forex LTD to immediately stop any public offering of securities intermediation services targeting investors in Brazil. According to CVM’s Superintendence of Investor and Intermediary Relations, there are indications that the firms use the XPROMarkets brand and the website xpromarkets.com to attract clients resident in Brazil for transactions involving securities. CVM stated that neither firm is authorised to intermediate securities or to raise funds from investors for application in securities, and imposed the suspension through Declaratory Act CVM 22,915.
Brazil Securities Commission (CVM) 2025-01-14
Brazil Securities Commission orders Ukuchuma Financial Services and IGM Forex to immediately halt unauthorised securities intermediation offers
The Brazil Securities Commission (CVM) has issued a market alert ordering Ukuchuma Financial Services (PTY) LTD and IGM Forex LTD to cease public offerings of securities intermediation services in Brazil. The firms, operating under the XPROMarkets brand, are not authorized to intermediate securities or raise funds from Brazilian investors. The suspension was enacted through Declaratory Act CVM 22,915.