Hong Kong’s Securities and Futures Commission (SFC) today warned investors about an entity that has been offering its services without having the authorisation to do so, and has added the offending company to its Alert List.
Kimzeen Forex Managment Ltd
Kimzeen Forex Management came under scrutiny by the watchdog after it solicited its trading services without a licence. The company, which operates online via www.jz-bo.com, offers a combination of binary options and forex trading services.
Its three addresses are listed as 22 Elphinstone Street Kincardine Fife, UK; Room 2103A, 21/F, Easey Commercial Building, 253 – 261 Hennessy Road, Wan Chai, Hong Kong and 21/F, Success Commercial Building, 253 – 261 Hennessy Road, Wan Chai, HongKong but the company is not located at any of these premises.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
Kimzeen Forex Management is one of several brokerages to come under fire by the SFC recently. Carlson-Schmidt Securities was the last company to be red-flagged by the watchdog after promoting its trading services without a licence, as reported by Finance Magnates last week.
Hong Kong’s financial watchdog plays a key role in informing investors about potential scams by drawing attention to illicit operations and unregulated entities that market participants should refrain from doing business with.
Alongside today’s warning, the SFC has warned in its statement that unlicensed entities may use names similar to legitimate companies to confuse investors, and while a firm’s website may reveal what appears to be a legitimate financial services outfit, ambiguities relating to the firm’s address and bank account details often raise concerns.
These factors raised the flag as far as Kimzeen Forex Management is concerned and prompted the SFC to take action in order to protect any investors falling into potentially unscrupulous hands.