FCA Adds BECFD, SW1 Options to Warning List
- Companies were flagged for offering currency trading services to UK citizens without license
The United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) on Wednesday shed light on a FX firm representing itself as BECFD, warning that the unregulated firm has no association whatsoever with any FCA-licensed entity and is operating without authorization.
The watchdog added that the company has been was flagged for offering a variety of currency trading services and targeting UK citizens without a license.
The FCA pointed out that BECFD is based out of an undisclosed jurisdiction while soliciting its clients using the website www.becfd.com.
Growing blacklist
The FCA also added a new binary options brokerage to its already extensive blacklist. According to the watchdog, Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone firm SW1 Options has been soliciting clients without being licensed to carry out such activities.
The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering trading in derivatives to UK investors require licensing and oversight from the FCA.
Accordingly, the regulatory body has been cracking down on unregulated and unauthorized firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.
The FCA’s alerts, however, are provided as an early warning service to investors, but not as a substitute for clients doing their own due diligence on the entity in question.
The United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) on Wednesday shed light on a FX firm representing itself as BECFD, warning that the unregulated firm has no association whatsoever with any FCA-licensed entity and is operating without authorization.
The watchdog added that the company has been was flagged for offering a variety of currency trading services and targeting UK citizens without a license.
The FCA pointed out that BECFD is based out of an undisclosed jurisdiction while soliciting its clients using the website www.becfd.com.
Growing blacklist
The FCA also added a new binary options brokerage to its already extensive blacklist. According to the watchdog, Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone firm SW1 Options has been soliciting clients without being licensed to carry out such activities.
The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering trading in derivatives to UK investors require licensing and oversight from the FCA.
Accordingly, the regulatory body has been cracking down on unregulated and unauthorized firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.
The FCA’s alerts, however, are provided as an early warning service to investors, but not as a substitute for clients doing their own due diligence on the entity in question.