Argentex LLP (“Argentex”), a high-profile foreign exchange (“FX”) provider, recently entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021 (“PEMIIR”) following well-publicised liquidity issues caused by recent fluctuations in global currency markets.
Trading in Argentex was abruptly suspended on 17 July 2025, effectively freezing the company’s ability to take on new customer funds and ceasing all onward trade obligations. Joint special administrators (“JSAs”) from FRP Advisory were appointed on 21 July 2025.
All e-money or providers of regulated payment services (such as money remittance or safeguarding client funds) in the UK must be authorised as an…