FCA Warns Against MultiBank Group for Operating Forex.com.vn

Forex.com.vn identifies itself ‎as a representative of MultiBank Group in Vietnam.

The UK’s Financial Conduct Authority (FCA) on Thursday published a cautionary note about Multibank Group, which has been exposed as offering financial products in the United Kingdom without authorization.

Although the City watchdog didn’t explicitly accuse Multibank of operating a clone entity, the company doing business as https://forex.com.vn/ is obviously taking advantage of its misleading name.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

However, Forex.com.vn identifies itself ‎as a representative of MultiBank Group in Vietnam and doesn’t claim any specific relationship with any FCA-regulated brands. But soliciting traders who are based in the United Kingdom without ‎authorization is a major violation of British law.‎

Suggested articles

Separating Yourself From the Pack in a Mature FX IndustryGo to article >>

For dummy traders, it seems like another instance of a copycat broker that assumes the identity or affiliation of an authorized company, so that traders will mistake ‎it for the legitimate entity.‎ The genuine company this time is Gain Capital’s well-known retail brand, FOREX.com.

Clone firms are not an unusual occurrence in the industry, ‎as fraudsters have grown increasingly resourceful in recent ‎years. A commonly adopted tactic is for scammers to ‎advertise an illegal operation as a reputable brand or ‎entity. ‎

The FCA encourages traders or those considering online trading to exercise caution, strongly ‎advising against funding an account or investing via this specific company. Anyone who ‎chooses to sign up with the impostor should bear in mind that they will not receive the ‎financial authorities’ assistance should things go awry.‎

Thursday’s announcement is the latest in the FCA’s series of warnings about clone firms posing ‎as legitimate, approved businesses to con UK consumers into making payments for ‎investment services.‎

Got a news tip? Let Us Know