Hong Kong’s Securities and Futures Commission (SFC) has issued a statement cautioning investors about International Trading, which has been offering financial services to the public without being authorised to do so, according to an SFC statement.
International Trading claims offices at 8/F, 1063 King’s Road, Quarry Bay, Hong Kong. The regulatory body of Hong Kong, however, states that the addresses are invalid as the unregulated firm is not located in the region, although it may be using the details of a legitimate company to mislead investors. The SFC further notes that the brokerage has a bank account under the same name for settlement purposes. This knowledge may come in handy for the public if the company changes its name.
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International Trading is the latest binary options broker to be included on the watchdog’s warning list, which comes in parallel with a statement on its website warning residents about the increase in wealth management solicitations.
The SFC routinely warns of scams operating in Hong Kong, one of the region’s paramount financial markets.
Presently, the SFC’s comprehensive alert list features the names of businesses that have come to the attention of the watchdog because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors, or claim to have an association with Hong Kong.