The Financial Conduct
Authority (FCA) has expanded its warning list in the past one week, issuing
warnings against 44 trading and investment platforms targeting UK
residents in unauthorized operations. Some of the platforms claim to offer
opportunities for trading in foreign exchange (FX), contracts for difference (CFDs), shares and
cryptocurrency as managing investment portfolio, according to a check
by Finance Magnates.
On the other hand, New Zealand’s Financial
Markets Authority (FMA) on Monday (today) warned against two unregistered
online trading platforms, Market Radar and Rolvi Trade. This is even as the FCA
on Monday alone flagged five of such illegal trading and investment platforms:
Infinite Prime, Fxcycletrader Financial, Octus Global Limited, Infinity Miners
and Globa Giant Asset.
Of the remaining 39
unregistered platforms blacklisted by the FCA, the regulator identified two as clones of duly authorized
financial services providers in the country. The identified clone firms are Steban
Holdings Limited and Capital Finances Limited, which the regulator said are impersonating registered firms Roy Persaud and Capital Finance Management Limited,
respectively.
The other illegal trading
and invesment platforms flagged by the British watchdog include Crystaearn, Vtz
Capitals, Accet Mining, Wisdom Finance, Blockchain Minners Limited,
Trademarketspro, Coinsflux Limited and DenoxFundz. Also included: Wealth
Gecko, At-agora.com, Iva Informer, Bitbinx, 4X.FM, Multifxincome, Nexon Groups,
Cryptofinance.guru, SSC Investment, Pompom Global, Finansys FX, Trustyswap and
Cryptoxphere.
Furthermore, FCA flagged
Unicorn FX, Sterlingequityholdings.com, Elite Share Broker, Evo Cryptos,
Optionfinmax, AlgoForex, Swiffbit and EJ Profit. It also added Vertex
Digital, Gulfshore Trading, Fchain-Network, Max FX Global, Proton Live Trading, TheGoldencoinmining/Phonix FXtrade, Zenith Experts and Infinit Trades, to its
warning list.
These platforms join an
expanding list of unauthorized trading and investment firms flagged by the FCA
this year. The regulator recently blacklisted 26 illegal
trading and investment platforms
operating in the country or targeting UK citizens.
New Zealand Slams Two
Illegal Platforms
Meanwhile, FMA noted that
while Market Radar offers unregistered trading in cryptocurrency, forex and CFDs, Rolvi
Trade provides cryptocurrency products and services to users in the country without authorization.
“We are concerned the
website marketsradar.io may be operating a scam,” said FMA. “We received
reports of people being unable to recover funds paid to the website.”
Furthermore, the Kiwis regulator noted customers are also finding it hard to withdrawal their funds from Rolvi Trade. It described the platform as an ‘unregistered, potential pyramid scheme.’
“Rolvi Trade is based
overseas but does not appear to be subject to regulation by any overseas
regulator,” FMA said.
Nasdaq to acquire Adenza; A16z’s London office; read today’s news nugget.
The Financial Conduct
Authority (FCA) has expanded its warning list in the past one week, issuing
warnings against 44 trading and investment platforms targeting UK
residents in unauthorized operations. Some of the platforms claim to offer
opportunities for trading in foreign exchange (FX), contracts for difference (CFDs), shares and
cryptocurrency as managing investment portfolio, according to a check
by Finance Magnates.
On the other hand, New Zealand’s Financial
Markets Authority (FMA) on Monday (today) warned against two unregistered
online trading platforms, Market Radar and Rolvi Trade. This is even as the FCA
on Monday alone flagged five of such illegal trading and investment platforms:
Infinite Prime, Fxcycletrader Financial, Octus Global Limited, Infinity Miners
and Globa Giant Asset.
Of the remaining 39
unregistered platforms blacklisted by the FCA, the regulator identified two as clones of duly authorized
financial services providers in the country. The identified clone firms are Steban
Holdings Limited and Capital Finances Limited, which the regulator said are impersonating registered firms Roy Persaud and Capital Finance Management Limited,
respectively.
The other illegal trading
and invesment platforms flagged by the British watchdog include Crystaearn, Vtz
Capitals, Accet Mining, Wisdom Finance, Blockchain Minners Limited,
Trademarketspro, Coinsflux Limited and DenoxFundz. Also included: Wealth
Gecko, At-agora.com, Iva Informer, Bitbinx, 4X.FM, Multifxincome, Nexon Groups,
Cryptofinance.guru, SSC Investment, Pompom Global, Finansys FX, Trustyswap and
Cryptoxphere.
Furthermore, FCA flagged
Unicorn FX, Sterlingequityholdings.com, Elite Share Broker, Evo Cryptos,
Optionfinmax, AlgoForex, Swiffbit and EJ Profit. It also added Vertex
Digital, Gulfshore Trading, Fchain-Network, Max FX Global, Proton Live Trading, TheGoldencoinmining/Phonix FXtrade, Zenith Experts and Infinit Trades, to its
warning list.
These platforms join an
expanding list of unauthorized trading and investment firms flagged by the FCA
this year. The regulator recently blacklisted 26 illegal
trading and investment platforms
operating in the country or targeting UK citizens.
New Zealand Slams Two
Illegal Platforms
Meanwhile, FMA noted that
while Market Radar offers unregistered trading in cryptocurrency, forex and CFDs, Rolvi
Trade provides cryptocurrency products and services to users in the country without authorization.
“We are concerned the
website marketsradar.io may be operating a scam,” said FMA. “We received
reports of people being unable to recover funds paid to the website.”
Furthermore, the Kiwis regulator noted customers are also finding it hard to withdrawal their funds from Rolvi Trade. It described the platform as an ‘unregistered, potential pyramid scheme.’
“Rolvi Trade is based
overseas but does not appear to be subject to regulation by any overseas
regulator,” FMA said.
Nasdaq to acquire Adenza; A16z’s London office; read today’s news nugget.
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- Source: https://www.financemagnates.com//forex/uk-new-zealand-regulators-slam-46-illegal-trading-platforms/
