ASIC Adds 5 Unauthorized FX & Crypto Firms to its Blacklist
- The regulator suspects that the entities may be involved in some kind of scam.
The Australian Securities and Investments Commission (ASIC) has been busy this Friday, with the regulator adding ten new warnings to its list, five of which are entities claiming to operate in the foreign exchange (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 Term) and cryptocurrency sectors.
The five entities which the Aussie regulator has flagged are Tube Global Marketing (also known as MGM Markets), sm-advisors.com, Alpha Financial Group, All Media EOOD (also known as Brokerz Limited) and Advanced Financial Union Ltd.
For all of the above-mentioned entities, ASIC warns: “ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.
“The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”
ASIC detects potential clone firms
However, for two firms, the Aussie watchdog has put an additional warning, which suggests that Tube Global Marketing and sm-advisors.com could be clone firms.
The warning from ASIC for Tube Global Marketing, which goes by the trading name of MGM Markets, states: “this company is not connected and should not be confused with the Australian licensed trading entity MGM Markets.com Australia.”
Taking a look at its website, via www.mgm-markets.com, the entity states: “Tube Global Marketing was established by highly enthusiastic financial market veterans, committed to encouraging people worldwide to practice trading and investing independently while providing complete access to a vast number of top-class financial assets from all 4 major markets.”
Sm-advisors.com, on the other hand, operates via the following website, https://sm-advisors.com/. The company claims to be an investment advisory firm, dealing with products such as Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, investment funds, wealth planning, and more.
“This company is not connected and should not be confused with SM Investment Advisors Limited, an entity registered with the Hong Kong Securities and Futures Commission,” the warning from ASIC states.
The Australian Securities and Investments Commission (ASIC) has been busy this Friday, with the regulator adding ten new warnings to its list, five of which are entities claiming to operate in the foreign exchange (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 Term) and cryptocurrency sectors.
The five entities which the Aussie regulator has flagged are Tube Global Marketing (also known as MGM Markets), sm-advisors.com, Alpha Financial Group, All Media EOOD (also known as Brokerz Limited) and Advanced Financial Union Ltd.
For all of the above-mentioned entities, ASIC warns: “ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.
“The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”
ASIC detects potential clone firms
However, for two firms, the Aussie watchdog has put an additional warning, which suggests that Tube Global Marketing and sm-advisors.com could be clone firms.
The warning from ASIC for Tube Global Marketing, which goes by the trading name of MGM Markets, states: “this company is not connected and should not be confused with the Australian licensed trading entity MGM Markets.com Australia.”
Taking a look at its website, via www.mgm-markets.com, the entity states: “Tube Global Marketing was established by highly enthusiastic financial market veterans, committed to encouraging people worldwide to practice trading and investing independently while providing complete access to a vast number of top-class financial assets from all 4 major markets.”
Sm-advisors.com, on the other hand, operates via the following website, https://sm-advisors.com/. The company claims to be an investment advisory firm, dealing with products such as Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, investment funds, wealth planning, and more.
“This company is not connected and should not be confused with SM Investment Advisors Limited, an entity registered with the Hong Kong Securities and Futures Commission,” the warning from ASIC states.