Austrian Watchdog Flags Two Unauthorized FX Firms
- The warnings are against OMC Markets (Personal Found Ltd) and Zuitex.
This week, the Austrian Financial Market Authority (FMA) has yet again updated its warning list, flagging two entities that are operating in the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) space that it deems as suspicious.
The two entities are OMC Markets (Personal Found Ltd), which the regulator published a warning about on Tuesday and Zuitex, which is blacklisted this Wednesday.
On both of the warnings, the regulator stated that they are: “not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis (Article 1 para. 1 no. 7 BWG).”
OMC Markets, which operates via the website www.omcmarkets.com, is based in Sofia Bulgaria. The entity claims to offer a range of trading, primarily forex, but also stocks, commodities, and indices.
Similarly, Zuitex (www.zuitex.com) also offers forex trading, along with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, shares, and raw materials. The company claims to be based in St. Gallen, Switzerland.
On its website, the entity states: “Swiss finance traditions meets the modern Fintec…born from the idea in 2016 to make professionell trading services available for private customers Zuitex was founded in 2018.”
Another day, another scam
Earlier today, New Zealand’s FMA added a new entity to its blacklist this Wednesday – JJ Lloyd. As Finance Magnates reported, JJ Lloyd, which operates via www.jjlloyd.com, could be involved in a scam, the regulator said.
Furthermore, the regulator states that the entity is not registered on the New Zealand Financial Service Providers Register. The FMA is not the first regulator to flag JJ Lloyd. In fact, the regulator refers to two previous warnings, one published by the Securities and Futures Commission (SFC) in Hong Kong and one by Austria’s FMA.
This week, the Austrian Financial Market Authority (FMA) has yet again updated its warning list, flagging two entities that are operating in the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) space that it deems as suspicious.
The two entities are OMC Markets (Personal Found Ltd), which the regulator published a warning about on Tuesday and Zuitex, which is blacklisted this Wednesday.
On both of the warnings, the regulator stated that they are: “not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis (Article 1 para. 1 no. 7 BWG).”
OMC Markets, which operates via the website www.omcmarkets.com, is based in Sofia Bulgaria. The entity claims to offer a range of trading, primarily forex, but also stocks, commodities, and indices.
Similarly, Zuitex (www.zuitex.com) also offers forex trading, along with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, shares, and raw materials. The company claims to be based in St. Gallen, Switzerland.
On its website, the entity states: “Swiss finance traditions meets the modern Fintec…born from the idea in 2016 to make professionell trading services available for private customers Zuitex was founded in 2018.”
Another day, another scam
Earlier today, New Zealand’s FMA added a new entity to its blacklist this Wednesday – JJ Lloyd. As Finance Magnates reported, JJ Lloyd, which operates via www.jjlloyd.com, could be involved in a scam, the regulator said.
Furthermore, the regulator states that the entity is not registered on the New Zealand Financial Service Providers Register. The FMA is not the first regulator to flag JJ Lloyd. In fact, the regulator refers to two previous warnings, one published by the Securities and Futures Commission (SFC) in Hong Kong and one by Austria’s FMA.