On 18 July 2025, Argentex LLP, the primary trading entity of Argentex Group PLC, entered special administration. The collapse followed the firm’s failure to meet FCA-imposed liquidity obligations, leading to the suspension of all trading and client activity.
In this updated guide, we explain:
- The timeline of events leading to the Argentex administration
- What it means for clients, shareholders, and FX partners
- How to safely switch FX providers
Summary: What’s Changed
Argentex LLP entered special administration under the Payment & Electronic Money Institution Insolvency Regulations 2021. Here’s the revised breakdown with the latest developments:
- 17 July 2025: Argentex LLP halted all operations after failing to meet the FCA’s liquidity requirement of approximately £23.6 million.
- 21 July 2025: FRP Advisory’s Daniel Conway, Anthony Wright, and David Hudson were appointed as Joint Special Administrators.
- 24 July 2025: Argentex Group PLC and Argentex Technologies Limited entered administration under the Insolvency Act 1986.
- 7 August 2025: IFX Payments officially pulled out of the £3M acquisition deal, triggering near-total losses for shareholders.
- Early September 2025: The independent government review of the special administration regime (PESAR) is expected to issue its initial findings later this month.
What Happened to Argentex?
If you’re searching “what happened to Argentex”, here’s the short version:
- 26 June 2025: FCA imposes a Voluntary Requirement (VREQ) on Argentex LLP, stopping new trades and clients.
- 15 July 2025: Liquidity deadline missed.
- 17 July 2025: Argentex ceases all trading.
- 18 July 2025: Firm enters special administration under UK insolvency law.
View Argentex’s official FCA register entry
For a more detailed account, see our Timeline of Events.
Why Did Argentex Enter Special Administration?
Argentex’s failure resulted from a combination of:
- Shrinking FX profit margins
- Heavy reliance on credit lines
- A failed revolving credit facility
- Inability to meet new FCA liquidity guidance (ILG)
Despite overseas expansion and tech investment, the firm couldn’t maintain solvency under tighter regulation.
Argentex Share Suspension on AIM
Argentex Group PLC (the holding company) had its stock suspended from trading on the AIM market on 18 July 2025.
Investors should monitor:
We will update this page as new information becomes available for shareholders.
What Is Argentex Group PLC?
Argentex was a publicly listed, FCA-regulated FX provider serving institutional clients in the UK, Europe, and Australia. It operated via:
- Argentex LLP – now in administration
- Argentex Group PLC – AIM-listed holding company
2024 Financial Highlights:
- Revenue: £50.3m
- Operating profit: ↓18% YoY
- Flagged: liquidity & compliance risk
What Does Special Administration Mean?
Special Administration is a legal framework under the Payment and Electronic Money Institution Insolvency Regulations 2021, applied to regulated firms like Argentex that hold client funds.
It aims to:
- Protect segregated client money
- Ensure the orderly return of funds
- Maintain continuity of services where possible
- Oversee regulatory compliance during wind-down
Learn more from the FCA: Special Administration Explained
Are Client Funds Protected?
Funds are held in segregated accounts, but access may be delayed until the appointed administrators provide official instructions.
Until then – Argentex has provided these contact points:
Email: connect@argentex.com
UK Support: +44 20 3772 0314
Argentex Administration Timeline
| Date | Event Description |
|---|---|
| 26 Jun 2025 | FCA imposes VREQ on Argentex LLP |
| 15 Jul 2025 | Misses liquidity deadline |
| 17 Jul 2025 | Ceases client and trading operations |
| 18 Jul 2025 | Special administration formally announced |
You can follow updates on the group’s regulatory standing via the FCA register for Argentex Group PLC.
Is There a Way to Recover Funds?
Clients will likely need to wait for instructions from the appointed administrator. Until then:
- Avoid sending funds to Argentex
- Monitor updates via the official FCA website
- Retain any documentation for reconciliation purposes
- Use the contact details above for urgent questions
Insolvency proceedings are handled under the Payment and Electronic Money Institution Insolvency Regulations 2021, which are designed to protect client funds as a priority.
What Should Argentex Clients Do Now?
If you are an institutional, business, or private client, here’s what to do:
- Stop using Argentex accounts immediately
- Contact the administrators for updates
- Save documentation for reconciliation
- Begin transitioning to a new FX provider
Switching FX Providers: Cambridge Currencies
Why Cambridge Currencies is a Trusted Replacement:
- Same-day onboarding — often within hours
- Dedicated account managers
- Transparent, fixed pricing — no hidden fees
- Global payment solutions for businesses & institutions
Switch from Argentex → Onboard within 24 hours Book a free FX consultation now
FAQs: Argentex LLP Administration 2025
Is Argentex still trading?
No. Argentex LLP ceased all operations on 17 July 2025.
Are client funds protected?
Yes, but access may be delayed. Funds are held in segregated accounts.
Who is handling the administration?
A licensed insolvency firm has been appointed as Special Administrator.
Can I still trade FX with Argentex?
No. Trading is fully suspended.
Where should I go instead?
Clients seeking continuity of service may consider Cambridge Currencies, which works exclusively with FCA-regulated payment partners.
Final Thoughts: Lessons from the Argentex Collapse
The sudden failure of a publicly listed, regulated FX provider highlights the importance of financial due diligence, robust compliance, and diversified banking relationships.
If you’re an affected client:
- Confirm your position directly with the administrator
- Retain all documentation
- Transition to a reliable, FCA-regulated FX partner
Useful Reading
The Risks of Relying on a Single FX Provider – Lessons from Argentex