IC Markets Continues to Suffer Problems with Expansion to the Italian Market

The expansion of the Australian forex broker IC Markets into the Italian market failed. After the CONSOB blocked the brand’s website for illegal activities in the country, the broker starts a lawsuit with Milan’s football club Inter over a failed sponsorship contract.

In October, Italian financial regulator CONSOB issued an order to block access to the icmarkets.com website, owned by Raw Trading Ltd. The commission added the domain to the list of blocked Internet resources that illegally offer online trading services in the country, and urged investors not to deal with the company.

Later, at the end of October, it became known that the Australian brand IC Markets filed a lawsuit against FC Inter because of a collapsed sponsorship deal, more precisely, because of the refusal to fulfill the terms of a multimillion-dollar deal with IC Markets. The forex broker is seeking reimbursement of the already paid 3.5 million euros.

IC Markets reports that the footballers have terminated a one-year contract that was supposed to be in effect until the end of the 2020-21 season. The deal was canceled even though Inter confirmed it in the financial statements of Inter Media and Communication SpA.

The official reason for the termination of a profitable deal with IC Markets was non-fulfillment of contractual obligations. In this regard, IC Markets has filed a lawsuit for wrongful termination of the agreement and now expects to receive a refund plus interest. The forex broker denied all allegations of default and all the reasons why the club refused the sponsorship.