Hong Kong’s Securities and Futures Commission (SFC), the country’s paramount securities regulator, has issued a warning against, Dukes Copy LTD, a fraudulent clone posing as Dukascopy Bank, a provider of foreign exchange (FX) and contracts-for-difference (CFDs), according to an SFC manifest.
The SFC routinely warns about such entities and scams operating in Hong Kong, one of the region’s paramount financial markets. Dukes Copy LTD is claiming an address of Unit A-E, 38/F, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong and is in no way affiliated with the multi-asset brokerage Dukascopy Bank.
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Presently, the SFC’s comprehensive Alert List features the names of businesses that are unlicensed in Hong Kong and which are also believed to have targeted Hong Kong investors or made fraudulent claims to be associated with Hong Kong. The addition of Dukes Copy LTD. brings to light the group’s presence as an unlicensed financial entity that should be avoided.
In addition, the group also bears no ties to Sun Hung Kai Forex Limited, an SFC-licensed corporation, and the parent group of Sun Hung Kai Financial Limited. The clone uses a bank account in Hong Kong in the name of Duke Exchange Fund for settlement and its Hong Kong address belongs to a secretarial company.
The SFC warns customers against engaging in any activities or offers associated with Dukes Copy LTD. According to an official statement from Duksascopy, “We suspect this forex related investment offer can be a scam. We are currently taking legal actions to protect Dukascopy brand name and reputation.”