Germany’s BaFin Exposes Two Unregulated FX Brands
- The said company also seems a clone firm that has chosen to operate under the brand FXC Markets.
Germany’s federal financial supervisory authority (BaFin) on Monday warned investors of the activities of BT Systems Ltd and CRLink Limited, which, according to the independent regulator, are not authorized to perform investment services, including via their website www.fxcmarkets.com
The company also seems to have set up a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm that has chosen to operate under the brand ‘FXC Markets,’ a name similar enough to FXCM Group Markets that it convinced local traders that it was the authorized Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firm that had contacted them.
The illegitimate broker, conversely, did not assume the address at which the original company’s offices are located. Instead, it opted to claim an address in Majuro, Marshall Islands. Clients should note that the licensed firm’s offices are located at 20 Gresham Street, Fourth Floor, London, EC2V 7 JE, United Kingdom.
As per usual, this seems like yet another instance of a scam operation where an unlicensed company illegally assumes the identity of an authorized company so that traders will mistake it for the legitimate entity.
Furthermore, FXCMarkets had also been taking advantage of its misleading name to solicit traders who are based in Germany. The firm not only identified itself as a well-known online trading company under pretenses, but it was operating without authorization as well.
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 German watchdog 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.
Germany’s federal financial supervisory authority (BaFin) on Monday warned investors of the activities of BT Systems Ltd and CRLink Limited, which, according to the independent regulator, are not authorized to perform investment services, including via their website www.fxcmarkets.com
The company also seems to have set up a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm that has chosen to operate under the brand ‘FXC Markets,’ a name similar enough to FXCM Group Markets that it convinced local traders that it was the authorized Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firm that had contacted them.
The illegitimate broker, conversely, did not assume the address at which the original company’s offices are located. Instead, it opted to claim an address in Majuro, Marshall Islands. Clients should note that the licensed firm’s offices are located at 20 Gresham Street, Fourth Floor, London, EC2V 7 JE, United Kingdom.
As per usual, this seems like yet another instance of a scam operation where an unlicensed company illegally assumes the identity of an authorized company so that traders will mistake it for the legitimate entity.
Furthermore, FXCMarkets had also been taking advantage of its misleading name to solicit traders who are based in Germany. The firm not only identified itself as a well-known online trading company under pretenses, but it was operating without authorization as well.
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 German watchdog 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.