The financial markets watchdog in Poland, Financial Supervision Authority (MFSA), today issued a warning against the flagged unauthorised broker FxOnUs Ltd, which was added to its warning list of unregulated entities.
The watchdog states in its announcement that the suspicious company is not licensed or otherwise authorised by the MFSA to provide any investment or other financial service which requires licensing and authorisation under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
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Although not blatantly claiming to be MFSA regulated, it is clear from visiting its website that FxOnUs is indeed attempting to mislead investors that it is offering a legal product through using the details of a registered company in the United Kingdom, which could be also false, but without citing its FCA license.
FxOnUs is a brand owned and associated with a Marshall Islands registered company called MarketOnUs Ltd. with a registered office at Ajeltake Road, Ajeltake Island. The brokerage has an internet presence at fxonus.com and describes itself as one of the leading forex brokers, offering a range of trading services including forex, metal trading and CFDs.
Besides clarifying that the firm in question lacks the proper authorisation to be targeting local customers, the MFSA also said in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check its register, which can be accessed through http://www.mfsa.com.mt/pages/licenceholders.aspx, to ensure they are.