TD Ameritrade/TOS closing down in Asia. Any ideas why?

scenic58 said:
"We would like to inform you about a business policy that will impact your TD Ameritrade accounts. We have made the business decision to no longer open new accounts or handle new business transactions for clients located in certain foreign countries. Our records indicate that you reside or have citizenship in one of these identified foreign countries.

As a result, we've had to limit your account to liquidating (closing) transactions only... and any opening orders (orders to establish new positions) will be cancelled."

The official reason is:-
"
Regrettably, TD Ameritrade is currently unable to service accounts for your country. This is a result of a thorough legal review of established brokerage regulations in your country, among many other countries. There are not further details I can provide. I sincerely apologize for any inconvenience that this may cause.

Any ideas why this is happening?
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It could be a new regulation or it could be some heavy handed behavior from mainland China.
Have you called the operations center and asked them why ?
 
rmorse said:
My best guess is this is a business decision based on the time, effort and cost to the broker that is incurred by their regulator, FINRA. With us, a small introducing broker, during our exams from FINRA they is a lot more time and focus on foreign accounts then domestic.
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I highly doubt this is a FINRA issue.

Yesterday my aunt received a phone call from Citibank demanding full disclosure of why she had money wired from overseas, even though the funds were already subject to repatriation and the foreign tax was paid, AND she has been compliant with FBAR. You can read trading blogs where clients who have assets overseas in various banks are all being told they must report everything to the home country. Also, banks are now asking for your social security # if they determine you are a U.S. citizen, so they can report the account to IRS (the de facto collection agency for the Fed).

The OP who received a letter of account closure isn't the only one. Clicking on the link provided by stevegee58, this is also happening to non U.S. customers at Scottrade. The guy posted a screen shot of the letter saying his account would be closed.

Fidelity sent out notices that as of February this year, cash sweeps MUST be placed in a new, government backed cash reserves fund, rather than a regular money market fund. "Fidelity Cash Reserves" have now become "Fidelity Government Cash Reserves", lol. The reason being is the original money market funds had a new rule that they can "halt redemptions" in case of "market volatility" lol!

The regulations regarding FACTA and FBAR are creating chaos among foreign banks and institutions. The dollar is a fake/fiat currency that has been artificially inflated by the Fed, and my guess is there are back door discussions on things that only insiders know about.
 
I emailed them and got the reply"This is a result of a thorough legal review of established brokerage regulations in your country, among many other countries."

First thing that came to mind was China, until friends in Singapore received the same email.

I saw a post here earlier saying that certain states in the USA, Ohio and Arizona,were now banned from FX trading so wondering if there has been some new , not published change in legislation or similar that causing the clamp down.
 
scenic58 said:
I saw a post here earlier saying that certain states in the USA, Ohio and Arizona,were now banned from FX trading so wondering if there has been some new , not published change in legislation or similar that causing the clamp down.
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Are you sure about FX trading being banned in certain states ?
I have never heard of that. I think someone misunderstood something they read.
You can't outlaw futures trading, stock trading or banking.
 
After a very long call it's confirmed that China and Singapore are banned from doing business, or vice versa, with TD Ameritrade because of unknown to the sales team, new country laws.
Hong Kong is exempt from this ban.
 
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