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) 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.

London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now

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.”

Suggested articles

TrustedBrokerz: The Source More Traders Are TrustingGo to article >>

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, 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.

Got a news tip? Let Us Know