Hong Kong Watchdog Warns Against Unlicensed Operators
- The SFC warns individuals to avoid disclosing personal information to questionable entities as it can be used for misconduct purposes.
The Hong Kong financial markets regulator, the Securities and Futures Commission (SFC), issued warnings today against three related entities. The firms in question seem to have allegedly operated in the Chinese territory without the appropriate license.
The watchdog says that Triumph Global (Asia) Limited and its brand TFX Global supply a Hong Kong address but they are in fact not located there. Triumph FX is managed by Triumph International Limited and was registered and formed in 2009 in the British Virgin Island (BVI).
On its website, the firm claims to have a global headquarters of administration in BVI and a "main tehcnical [sic] support team in London, UK." It offers binary options, FX and CFDs without displaying any British or BVI license.
The SFC also warns today against Singliworld HK Pte Limited which uses a bank account in Hong Kong in the name of Triumph Global (Asia) Limited for Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term. According to the TFX Global website, Singliworld has been a partner of the broker since 2014. The Singapore-based Singliworld offers FX account management services to clients all over Asia, apparently without any license.
The SFC routinely warns individuals to avoid disclosing personal information to questionable entities as it can be used later for further misconduct.
Checking regulatory websites is the primary methodology to prevent clients from dealing with a fraudulent entity. In addition, any deals that simply sound to too good to be true, are most likely not true. Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term websites are relatively easy to manufacture and inexperienced users can easily fall into the trap of entrusting their funds to an unknown and fraudulent entity.
The Hong Kong financial markets regulator, the Securities and Futures Commission (SFC), issued warnings today against three related entities. The firms in question seem to have allegedly operated in the Chinese territory without the appropriate license.
The watchdog says that Triumph Global (Asia) Limited and its brand TFX Global supply a Hong Kong address but they are in fact not located there. Triumph FX is managed by Triumph International Limited and was registered and formed in 2009 in the British Virgin Island (BVI).
On its website, the firm claims to have a global headquarters of administration in BVI and a "main tehcnical [sic] support team in London, UK." It offers binary options, FX and CFDs without displaying any British or BVI license.
The SFC also warns today against Singliworld HK Pte Limited which uses a bank account in Hong Kong in the name of Triumph Global (Asia) Limited for Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term. According to the TFX Global website, Singliworld has been a partner of the broker since 2014. The Singapore-based Singliworld offers FX account management services to clients all over Asia, apparently without any license.
The SFC routinely warns individuals to avoid disclosing personal information to questionable entities as it can be used later for further misconduct.
Checking regulatory websites is the primary methodology to prevent clients from dealing with a fraudulent entity. In addition, any deals that simply sound to too good to be true, are most likely not true. Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term websites are relatively easy to manufacture and inexperienced users can easily fall into the trap of entrusting their funds to an unknown and fraudulent entity.