UPDATE:
Clients reporting problems withdrawing funds. Are too many people trying to get out before it is too late?
Excuses given in Sept:
Payments delayed due to the fact that they were closed 23-26 due to Eid Holidays.
Current excuses for delays in October:
Email sent out explaining the reason for delay in withdrawals:
"...Further to a prior communication last week in regards to the delay in withdrawals, due to a daily transfer limitation set by our respective local bank which is beyond our control. Keeping in mind the rapid growth of the company this issue has been resolved by partnering with Westpac Bank Australia, not only as an alternative but as a long term solution which is more conducive to the nature of our business and has no hindrance to the transfer limitation.
In a process of resolving the first issue, we have encountered another, as our account was registered as a SME (Small Medium Enterprise) therefore we have no limitations on the volume but have a daily limit on the number of transactions, we are already in a process to increase the same.
Further, unfamiliarity to the rules and regulation in the Australian banking system and being our first time, we request clients for their cooperation and patience until we solve the issue, wherein Exential is putting all their efforts to resolve the same ASAP..."
Why would a so called "regulated" and "audited" FX company in the UAE have to open and use a SME bank account in Australia of all places?
If you are having trouble getting your money back do what this investor did:
"The second account closure took a great deal longer then the 20 days to be returned to me. I sent emails daily to ask where the money was, which I got either vague responses or no response at all. In the end after closer to 35 working days I declared I would have to engage the local authorities to investigate the non return of my capital. Within 5 minutes I had a response and the same day the capital was returned to me."
There might still be time.