Update: The Hong Kong regulator has since removed the company from its alerts list after a court filing made by the company against the SFC.
Multibank Exchange has been exposed by the Securities and Futures Commission of Hong Kong as an unlicensed entity. The company’s name is listed on the ‘Alerts List’ of the SFC’s website.
According to the official announcement, the company’s Hong Kong address belongs to a secretarial company. The Multibank Exchange Group, MEX Worldwide Limited, and the firm’s website www.mexgroup.com were added to the list on the 8th of February, but the fact was publicised only today.
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The Alert List, which the SFC regularly updates, is a list of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong. The regulator states that such companies are believed to be or to have been targeting Hong Kong investors, or claim to have an association with Hong Kong.
As recently as the 12th of February, the company published an announcement on its business Facebook page. The page features a video which shows the logo of the company on top of a high-rise building. None of the offices of the company are located in the building displayed in the video.
Back in 2016, the company’s CEO, Naser Taher, claimed in an interview with Finance Magnates that a $2 billion IPO for the company was in the works. No further information on the matter has been made public.
A Hong Kong subsidiary of the firm, called MEX Fintech Limited, is actively hiring personnel, according to information that is publicly available on local job listing sites. The firm recently expanded its office on the island, as pressure on forex brokerages in mainland China intensified.
The company has filed an action in court, resulting in the cancellation of the alert.