The Maltese Financial Services Authority (MFSA) today issued a public warning regarding ‘Forex MMCIS Group,’ saying the broker is “not licensed nor awaiting to be licensed by the MFSA, to provide any type of financial service including foreign exchange.”

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In an official press statement, the MFSA said: “The MFSA warns the public to exercise extreme caution when dealing with this entity.”

The warning comes on the heels of an array of speculation and conflicting reports as to the integrity and viability of the Ukrainian-based broker, offering its services internationally. Last week, Forex Magnates published an article looking into the various allegations, rumours, reports and complaints that have recently bombarded MMCIS and other industry regulators and agencies. Claims and counter-claims have ensued with one senior MMCIS representative, Konstantin Kondakov, going as far as to deny he had ever founded the company or has anything to do with its operations.

With this latest regulatory set-back MMCIS is unlikely to be deterred. The firm’s brand has been built on glitzy sponsorship and promotional events that have acted as a smokescreen concealing the inner workings of the company which have often been ambiguous and inefficient. The broker operates with confidence in several territories without suitable regulatory approval, so unless clients cease putting faith in MMCIS via recurring deposits, the Ukrainian trailblazer is likely to continue offering its services to a worldwide audience from offices in Kiev until further notice.