Polish Watchdog KNF Warns Against Forex Broker MIB700.com

The public has been advised to abstain from any business or transactions with these providers.

Poland’s financial regulatory body, the Polish Financial Supervision Authority (KNF), on Tuesday issued a public warning against MIB700.com, a Vanuatu-based provider of FX and CFDs products, stating that the firm is not authorized to provide investment services or activities in the country.

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The newest addition to the blacklist operates through www.mib700.com and claims an address at 43 Franklin St, Belfast BT2, UK. The company is administered by Blue Seal Limited which claims to be based in the Republic of Vanuatu.

The KNF cautions the public that the aforementioned firm targets Polish customers and since it has no right to do so, the KNF has added this company to its list of unauthorized investment firms.

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The public has thus been advised to abstain from any business or transactions with any unregulated providers and to be aware of the increased risk caused by the lack of authorisation required to provide financial services in Poland and the European Union.

Investment services and activities in Poland may only be provided by companies licensed by the Polish Financial Supervision Authority (KNF) under the terms of the Act on Financial Market Supervision.

Reports provided to the KNF by the nation’s brokerage houses offering clients the opportunity to invest in the forex market through online platforms revealed that, on average, 79.3 percent of investors showed a net loss from trading in each of the 2016 four quarters.

According to a survey conducted by KNF, the percentage of investors making money from trading in the over-the-counter market averaged 20.7 percent in the period from 1 January 2016 to 31 December 2016. But ultimately, 80% of traders make losses in the long run.

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