Traders who
haven’t touched their OANDA Japan accounts in years could find them gone. On Monday,
the online broker reportedly permanently deleted accounts that hadn’t been used
in over two years and held no balance.
OANDA Japan, a subsidiary of global brokerage OANDA Corporation, notified clients that the move aligns with its terms for trading OTC derivatives. The policy authorizes the broker to cancel inactive accounts, a step it takes periodically
to maintain operational compliance and data efficiency.
The company began emailing affected users on May 20 using their registered addresses
to inform them of the account cancellation. These emails reportedly serve as formal notice
that the accounts have been removed and cannot be recovered.
Re-registration is the Only Option for Return
OANDA Japan
clarified that once an account is canceled, it cannot be restored under any
circumstances. Former clients who wish to trade again must now reapply through
the firm’s website. The process
includes submitting identity verification documents anew, in accordance with
regulatory requirements.
This cleanup
effort reflects common industry practices where unused accounts, particularly
those with no financial activity or funds, are periodically cleared to
streamline operations and ensure client data remains up to date.
While the
policy has long been part of OANDA Japan’s terms, its enforcement may surprise traders who left their accounts idle without formally closing them.
Expect ongoing updates as this story evolves.
Traders who
haven’t touched their OANDA Japan accounts in years could find them gone. On Monday,
the online broker reportedly permanently deleted accounts that hadn’t been used
in over two years and held no balance.
OANDA Japan, a subsidiary of global brokerage OANDA Corporation, notified clients that the move aligns with its terms for trading OTC derivatives. The policy authorizes the broker to cancel inactive accounts, a step it takes periodically
to maintain operational compliance and data efficiency.
The company began emailing affected users on May 20 using their registered addresses
to inform them of the account cancellation. These emails reportedly serve as formal notice
that the accounts have been removed and cannot be recovered.
Re-registration is the Only Option for Return
OANDA Japan
clarified that once an account is canceled, it cannot be restored under any
circumstances. Former clients who wish to trade again must now reapply through
the firm’s website. The process
includes submitting identity verification documents anew, in accordance with
regulatory requirements.
This cleanup
effort reflects common industry practices where unused accounts, particularly
those with no financial activity or funds, are periodically cleared to
streamline operations and ensure client data remains up to date.
While the
policy has long been part of OANDA Japan’s terms, its enforcement may surprise traders who left their accounts idle without formally closing them.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
