The Securities and Futures Commission (SFC), Hong Kong’s paramount securities and financial markets regulator, has issued a warning on IQSFX for suspicious activity, according to an SFC statement.
IQSFX (www.iqsfx.com) was added to the SFC’s alert list for suspicion of being unlicensed or unregistered in Hong Kong. The watchdog organization helps inform investors, bringing to light a pantheon of illicit operations or unregulated entities that market participants should abstain from doing business with.
The foreign exchange (FX) broker has an address of Room 7, Brightway Tower, 33 Mongkok Road, Kowloon, Hong Kong, however this address has been deemed incomplete by the SFC. Moreover, The website with the aforementioned domain name has no connection with IQS Financial Limited, or any of its subsidiaries in Hong Kong, London, or Kuala Lumpur.
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Indeed, IQSFX claims on its website to also be regulated by the UK’s Financial Conduct Authority (FCA). By extension IQS Financial Limited is an FCA regulated firm.
Friday has been marked by a string of broker alerts of unregulated activity. Earlier today, the Swiss Financial Market Supervisory Authority (FINMA) warned on TradeSolid, a binary options broker widely seen as a scam site. The group has promised profits as high as 1500% per trade.
The group has also come under scrutiny by FINMA after claims that it possessed an office in Switzerland. The practice is common given the historic appeal of Switzerland as a top flight destination for financial companies. FINMA has no record of TradeSolid in its registry.