Squared Financial Faces Cluster of Withdrawal Complaints

Squared Financial Faces Concentrated Withdrawal Complaints

From May to June 2026, Squared Financial drew attention after multiple investors complained about delayed withdrawals, inability to log in to accounts, unresponsive customer service and deductions in trading software that were not credited. The related complaints show that the issues have expanded from isolated withdrawal delays to multiple situations, including account freezes, unclear fund movements and commissions that cannot be withdrawn.

(Source: FX110 user complaint materials, published from May 2026 to June 2026, covering statements related to Squared Financial withdrawal delays, inability to log in to accounts, abnormal customer service responses and MT4 deductions not being credited.)

At present, the relevant complaints still mainly come from unilateral investor statements. Specific responsibility needs to be further verified based on account back-office records, client agreements, withdrawal records, platform emails and regulatory responses. However, the concentrated timing of the complaints overlaps with public information showing that Squared Financial’s Cyprus regulatory licence entered a voluntary surrender review and that the company stopped accepting new clients under that licensed jurisdiction.

An announcement on Squared Financial’s official website shows that Squared Financial (CY) Ltd has formally initiated the process of voluntarily surrendering its Cyprus Investment Firm licence, licence number 329/17. The company said the move is part of a broader internal restructuring and stated that it will no longer accept new clients or open new accounts under the Cyprus licence.

(Source: Squared Financial, Notice to Clients and Prospective Clients, published in December 2025, covering the voluntary surrender of CIF licence 329/17, suspension of new client onboarding and the orderly exit of existing client relationships.)

Withdrawal Delays Extend to Account Login Issues

Complaint materials show that one investor filed a complaint on June 23, 2026, saying that their Squared Financial trading account suddenly became inaccessible on June 22, 2026. The investor said that even when a withdrawal request was submitted through the back office, the system still displayed that trading was unavailable, while the status of the funds could not be clearly explained.

Another investor complained on June 22, 2026 that they had requested a withdrawal of $1,702 on June 1, 2026. The investor said the funds had been deducted in theMT4trading software, but the funds had still not arrived. The investor also said they had tried to contact the platform’s customer service several times, but emails did not receive an effective response and customer service channels appeared to be unresponsive.

• Some complaints involve accounts suddenly becoming inaccessible, preventing investors from continuing to view their full account status.

• Some complaints show that after withdrawal requests were deducted on the MT4 side, the funds were not credited in sync.

• Some investors said they did not receive a clear handling plan after contacting the platform’s customer service by email several times.

• The main concentration of complaints appeared from May 2026 to June 2026.

Investors in Multiple Regions Report Long-Pending Withdrawals

In addition to new complaints in June, earlier cases show that withdrawal delays may have persisted for some time. One investor said they requested a withdrawal of $2,000 on March 30, 2026, and that the back-office status remained displayed as unspecified for an extended period. The investor said customer service initially promised processing within 1 to 3 days, later changed it to 1 to 5 days, and when asked again only requested that the investor continue waiting.

In other public discussions, one user also stated on May 19, 2026 that their withdrawal request from Squared Financial had not been completed since April 24, 2026, involving an amount of $100. The user said the platform only provided template-style replies and did not respond to support emails. This discussion cannot directly prove that the platform has a systemic issue, but it is consistent with the direction of recent complaints.

In a risk commentary published on June 23, 2026, WikiFX also mentioned that Squared Financial had recently received a large number of user complaints involving blocked withdrawals, profit cancellations and unresponsive customer service. Such third-party platform information should be treated as a risk signal and cannot replace regulatory conclusions.

Unresponsive Customer Service and Insufficient Communication Increase Uncertainty

Based on the complaint descriptions, the most concentrated issue reported by investors is not a single withdrawal delay, but insufficient platform communication. Some complainants said customer service could not explain the progress of fund processing, emails went unanswered for a long time, and some back-office statuses continued to remain at unspecified states.

In financial trading services, withdrawal processing usually involves identity verification, payment channels, anti-money laundering reviews and account compliance checks. However, if a platform fails to provide a clear timeframe, specific reasons and an appeal path, clients may easily interpret the delay as a fund safety risk. When account login failures, trading-side deductions not being credited and abnormal customer service channels occur at the same time, investors’ risk perception may rise further.

1. After clients submit withdrawal requests, the platform should provide an application number and an estimated processing timeframe.

2. If compliance review is involved, the platform should explain the rule basis that triggered the review.

3. If funds have been deducted from the trading terminal, the platform should explain the payment channel status and crediting path.

4. If an application is rejected, the platform should provide a formal reason and a subsequent appeal channel.

IB Commissions and Partnership Accounts Also Involved in Complaints

Complaint materials also show that some introducing brokers and business partners reported that account funds or commissions could not be withdrawn normally. One Vietnamese introducing broker said they had referred clients to Squared Financial and managed a business relationship, while also trading on the platform. The complainant said they were later removed from the platform without a clear explanation, their account was frozen, and both personal funds and client-related funds could not be handled normally.

(Source: FX110 user complaint materials, published in June 2026, covering statements related to IB account freezes, commissions that could not be withdrawn and fund handling for partnership accounts.)

The complainant used strong wording in the materials, saying that the platform’s conduct was unspecified in the provided text. This statement is the complainant’s subjective judgment and is not a regulatory conclusion. In news writing, it should be treated as the complainant’s statement and cannot be used directly to determine that the platform committed fraud.

The difference between introducing broker complaints and ordinary investor complaints is that the related disputes may involve client trading accounts, partnership commissions, agency agreements and termination of business relationships at the same time. If commissions, client funds and personal account rights are mixed in the same dispute, subsequent verification needs to further distinguish different account types, sources of funds and contractual arrangements.

CySEC Licence Voluntary Surrender Enters Review

Regulatory information is an important background to this incident. The public register of the Cyprus Securities and Exchange Commission shows that Squared Financial (CY) Ltd holds licence number 329/17, with a licence date of June 23, 2017, and its current status is under review for voluntary surrender of authorisation.

(Source: Cyprus Securities and Exchange Commission, Squared Financial (CY) Ltd register page, accessed on 2026-07-01, covering licence number 329/17, licence date 2017-06-23 and review status for voluntary surrender of authorisation.)

Squared Financial’s official website announcement said the company had initiated a structured and orderly exit of existing client relationships and would directly contact all clients to provide instructions on closing open positions and returning remaining funds. The announcement also asked clients to keep their contact details up to date to ensure timely communication.

From an investor perspective, voluntary surrender of a licence does not necessarily mean client funds cannot be recovered, but it does mean that the company’s business arrangements in that regulatory jurisdiction are undergoing major changes. If this change overlaps with a concentration of withdrawal complaints, investors need to focus on verifying whether their accounts belong to the Cyprus entity, the Seychelles entity or other affiliated group entities.

• CySEC records show that Squared Financial (CY) Ltd holds licence number 329/17.

• The public status shows that the licence is under review for voluntary surrender of authorisation.

• The company’s official website says that the Cyprus-licensed jurisdiction no longer accepts new clients or opens new accounts.

• The company’s announcement says it will directly contact existing clients regarding the closing of positions and the return of remaining funds.

Regulatory Settlement and Senior Management Changes Also Draw Attention

FX News Group reported on December 17, 2025 that Squared Financial reached a €35,000 settlement with theCySECin November 2025 over issues related to marketing CFD products to retail clients. The report also said that the LinkedIn profile of Squared Financial founder and long-time Chief Executive Officer Philippe Ghanem showed that he had left the company in October 2025, although he was still considered to retain a major shareholder position.

FinanceFeeds reported on November 20, 2025 that CySEC reached a €50,000 settlement with SQ Sey Ltd. The investigation involved whether the company complied with authorisation requirements between October 26, 2022 and September 16, 2024. CySEC documents show that the company has paid €50,000. This matter involves an entity related to offshore business and cannot be directly equated with all current client complaints, but it may serve as background reference for group regulatory risk.

The above regulatory and management changes do not directly prove fund misappropriation or platform exit conduct. However, against the backdrop of rising complaint frequency, insufficient customer service communication and increasing account issues, they do increase investor concerns about the platform’s operational stability.

Investors Should Retain a Complete Evidence Chain

For investors who have already encountered withdrawal delays, the current priority is not to spread unverified rumours, but to quickly organise evidence, clarify the contracting entity, confirm the fund pathway and submit complaints through formal channels. Especially when the account-opening entity involves Cyprus, Seychelles or other jurisdictions, the regulatory complaint path may be completely different.

Forex andCFDtrading itself carries high risk, and platform operational risk can further increase fund uncertainty. Investors should distinguish market loss risk from deposit and withdrawal processing risk and avoid adding more funds before fund safety and withdrawal rules are confirmed.

• Keep account-opening emails, client agreements, deposit vouchers and recipient information.

• Keep account statements and withdrawal deduction records from MT4 or other trading platforms.

• Keep screenshots of all emails, online customer service chats, back-office tickets and call records.

• Verify the actual contracting entity of the account and submit materials to the corresponding regulator or dispute resolution body.

Future Focus Is on Fund Returns and Regulatory Progress

At present, the core issues in the Squared Financial-related dispute remain concentrated on two areas: first, whether existing clients’ withdrawal requests can be handled according to the orderly exit process described in the company’s announcement; and second, how CySEC’s review of the voluntary surrender of its licence will ultimately be implemented.

If the platform can provide clients with a clear timetable, fund return path and verifiable handling records, the related disputes may gradually ease. Conversely, if complaints involving account freezes, unresponsive customer service and long-delayed withdrawals continue to increase, the platform’s operational stability and client fund safety will face greater scrutiny.

1. Monitor whether the licence status on the CySEC register page receives further updates.

2. Monitor whether Squared Financial publishes a specific timetable for the exit arrangements for existing clients.

3. Monitor whether investor withdrawal requests are credited in batches or continue to be delayed.

4. Monitor client transfer and fund return arrangements between entities in different jurisdictions.

Questions About Squared Financial Withdrawal Disputes