as part of the Legislation change, the following changes are planned:
- Q1 2022: Risk Products being moved to EnFoid Traders Inc.
- Q2 2022: Clients move internally to EnFoid LLC.
- Q4 2022: Striking off or releasing EnFoid Pte. Ltd.
- Q4 2022: sale of SG Assets that are not moving to the United States.
some of those tasks are major, others are just minor changes.
most of these things will take place in the background, and not affect any operations at all.
the only exception to this is the Proprietary Trading project, as we do violate regulatory requirements doing this, Prop Trading will be halted until the change is complete, to make sure the Law is on our side.
EnFoid has no (and never had) any interest in “Selling trading accounts” as this is in direct conflict with our mission statement, as a result, we will also use this chance to re-launch Prop Trading in a new form, which will be far more selective in enrolling traders, and in exchange more lenient towards the ones that do qualify.
Please see the Official Merger information here https://www.enfoid.com/legal-enfoid-enfoid-merger
Task List:
- move clients
almost complete, some clients do require additional documentation and will be contacted individually. - Two of the Singaporean Staff will stay with EnFoid, working from home permanently.
- Office Space in Wilmington
Leases active since mid-2021, but we will need to finalize some infrastructure items.
until then we continue operating in covid-19 fashion (from home) - Banking Services
still pending (requires management to travel to the United States)
with this completed, Arkavis Services will be discontinued. - Cash App & ACH direct Transfers
- Striking off EnFoid Pte. Ltd.
this has been posted to Singapore Gazette on 17 May 2022
