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 trading platform; and ANB Express Bank is a loan-processing company offering several types of loan programs for individuals, based on their credit.

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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.

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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:

  1. https://premiumborsa.com/
  2. https://www.anbexpressonline.com/
  3. https://www.pennyworthfx.com/
  4. 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).

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