Austrian FMA Flags Four Unlicensed Financial Firms
- The companies made it to the regulator’s long list of blacklisted firms.
The Austrian Financial Market Authority (FMA) has issued warnings against four financial companies on Thursday, thus alerting the investors.
Among the four names, PremiumBorsa and Pennyworth Investments offer digital currency trading services; GCG24 is a 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 TermTrading 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; and ANB Express Bank is a loan-processing company offering several types of loan programs for individuals, based on their credit.
According to the regulator, none of the companies hold the mandatory license for offering such financial services in the country.
“...the Austrian Financial Market Authority (FMA) may inform the general public that a particular named natural or legal entity is not authorized to carry out certain investment services transactions (Article 3 para. 2 nos. 1 to 4 WAG 2018) or banking transactions (Article 1 para. 1 BWG), provided that the said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned,” the watchdog wrote in one of the warnings.
A long list of blacklisted firms
The Austrian regulator remains vigilant against the financial companies operating within its jurisdictions, to proactively alert investors of any suspicious platforms.
The FMA also added 3 other financial service providers to its warning list earlier this month as none of them were operating in the country by obtaining a license.
The newly added companies to the warning list are operating from the following web domains:
- https://premiumborsa.com/
- https://www.anbexpressonline.com/
- https://www.pennyworthfx.com/
- https://www.gcg24.com/
None of the named entities are permitted to offer investment services or banking services in Austria that require a license, the watchdog detailed.
Earlier this year, the FMA mandated crypto companies to obtain a license before offering any services in the country, else they will face a penalty up to €200,000 (around $224,000).
The Austrian Financial Market Authority (FMA) has issued warnings against four financial companies on Thursday, thus alerting the investors.
Among the four names, PremiumBorsa and Pennyworth Investments offer digital currency trading services; GCG24 is a 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 TermTrading 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; and ANB Express Bank is a loan-processing company offering several types of loan programs for individuals, based on their credit.
According to the regulator, none of the companies hold the mandatory license for offering such financial services in the country.
“...the Austrian Financial Market Authority (FMA) may inform the general public that a particular named natural or legal entity is not authorized to carry out certain investment services transactions (Article 3 para. 2 nos. 1 to 4 WAG 2018) or banking transactions (Article 1 para. 1 BWG), provided that the said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned,” the watchdog wrote in one of the warnings.
A long list of blacklisted firms
The Austrian regulator remains vigilant against the financial companies operating within its jurisdictions, to proactively alert investors of any suspicious platforms.
The FMA also added 3 other financial service providers to its warning list earlier this month as none of them were operating in the country by obtaining a license.
The newly added companies to the warning list are operating from the following web domains:
- https://premiumborsa.com/
- https://www.anbexpressonline.com/
- https://www.pennyworthfx.com/
- https://www.gcg24.com/
None of the named entities are permitted to offer investment services or banking services in Austria that require a license, the watchdog detailed.
Earlier this year, the FMA mandated crypto companies to obtain a license before offering any services in the country, else they will face a penalty up to €200,000 (around $224,000).