Austria’s FMA Flags Unauthorised FX Entity Universe Markets

Universe Markets also goes by the name of WhiteSquare Trading Ltd.

The Austrian Financial Market Authority (FMA) has published a new warning on its website against an entity, which it states is operating within the country without the proper authority – Universe Markets, also known as WhiteSquare Trading Ltd.

Specifically, the regulator says that Universe Markets: “is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business…”

The FX Industry Demands the Best – London Summit 2019

The FMA provides the following details to consumers so that they can avoid dealing with this firm:

Name: Universe Markets / WhiteSquare Trading Ltd

Address: 131-151 Great Titchfield Street London W1W 5BB, United Kingdom

Website: www.universe-markets.com

Suggested articles

LegacyFX’s Robust Tool Offering Setting it Apart from CompetitionGo to article >>

Email: support@universe-markets.com

Phone: +43-13469999044

Via the company’s website, the entity claims that: “universemarkets is today’s leading CFD trading platform.  As CFD trading has become more popular than ever, universemarkets provides traders with an excellent trader experience in terms of security, features, user-friendliness, tools, and education.”

universemarkets and collaborators consist of professional forex brokers, experts in derivatives and risk management, and payment processors. We cover every aspect of CFD trading, so that you have the best trader experience. Ever.”

FX and crypto scams are on the rise

Scams within the financial industry, particularly in the foreign exchange (forex) and crypto sector, are on the rise. As Finance Magnates reported, earlier this year, the Financial Conduct Authority (FCA) revealed that Brits lost approximately £27 million ($33.6 million) to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.

According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.

This can also be seen on the amount of time and space we here at Finance Magnates dedicate to reporting on these scams, as they continue to be a growing threat in the FX and crypto space.

Got a news tip? Let Us Know