GEMFOREX has ceased operations after MetaQuotes revoked its MetaTrader license due to denial of withdrawals to users and delays in withdrawals, and the damage to clients is estimated to exceed $40 million.

Although GEMFOREX has not repaid client assets, multiple sources have confirmed that the operator has begun operating a new FX Broker.

The name of that broker is AxonMarkets.

AxonMarkets is financially licensed by the Seychelles FSA as “Little Black Diamond Ltd”.

The first factor that can be seen when looking at the web is that the GEMFOREX icon and the AxonMarkets logo are similar.

The design is now a fill-in design, but the icon used to look like this.

The second piece of evidence that can be found on the Web is the use of the word “gem” in the file names of the images used on the official site.

This file “gem_socialimage.jpg” is an appropriation of the file used by

This HTML description was revised on 9/13, the day after this site published the Japanese article.

There is other evidence that GEMFOREX has launched AxonMarkets, but we cannot disclose it at this stage.

GEMFOREX continued to hold client funds without opting for bankruptcy, and these funds were likely diverted to the launch of AxonMarkets.

The identification of GEMFOREX and AxonMarkets management is ongoing and regulatory reporting appears to be underway.

If you have any information about GEMFOREX or AxonMarkets, please contact us at [email protected]