Regulatory Trifecta Issue Warnings on Fraudulent FX Operations

Market regulators in both Spain and Greece issued a warning to market participants on the FX operations of Simple Trading

RegulationMarket regulators in both Spain and Greece issued a warning to market participants on the FX operations of Simple Trading Corporation Ltd., FXGL Capital and Global Markets OOD.

Following yesterday’s warning over an unaffiliated entity of FXStreet (www.fxstreetoption.com), which was exposed as a binary clone of the FX media site operating out of Bulgaria, the Hellenic Capital Market Commission issued a warning on Global Markets OOD, which also was based out of the country.

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The commission found that Global Markets’ license in Bulgaria had been revoked by Bulgaria’s Financial Supervision Commission (FSC), which effectively strips the entity of the right to provide any investment services or tradable instruments to market participants.

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In addition, Spanish watchdog regulator Comisión Nacional del Mercado de Valores (CNMV) has warned on two FX and CFD brokers operating under the alias Simple Trading Corporation Limited (www.simpletradelimited.com) and FXGL Capital (www.FXglcapital.com).

Lastly, in Canada, the Ontario Securities Commission (OSC) has issued a warning on Magellan Trading Group International (www.magellantradingfx.com). The entity is not registered in Canada, despite engaging in the buying and selling of securities. Magellan Trading Group was last based out of Costa Rica.

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