FCA Warns Public that ExxonFX is not Authorised

The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes an unauthorized company under the name ExxonFX has been providing financial services or products to UK residents without regulatory permission, according to an FCA announcement.

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ExxonFX is owned and operated by Revolution Markets LP, which is situated on Bath Street, Glasgow G2 4JR. The suspicious company can be found under the web address www.exxonfx.com/en, and it offers a diverse portfolio of products including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs platforms. However, ExxonFX doesn’t claim any specific regulatory status and also requires its users to inform themselves about their jurisdiction’s restrictions.

The company also publishes a more detailed warning although it’s not clear if this action was taken as a result of the warning or leading up to it. It reads:

“Exxonfx may restrict the availability of its services and Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term to potential and existing Users in any territory if Exxonfx believes that any legal or regulatory environment in the relevant territory will expose Exxonfx or any of its Related Entities to the risk of legal, regulatory or economic sanctions in such territory should Exxonfx continue to provide or make available its services to potential and existing Users in that territory. Without derogating from the above, it is hereby clarified that exxonfx Market’s services will not be available in France or for French clients. Exxonfx may further restrict the availability of its services to potential and existing Users in any territory in which Exxonfx detects abnormal fraudulent activity or a high rate of chargebacks on credit card transactions.”

Based on this, the FCA in its official statement said that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are.

The UK watchdog further stated: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”