As we approach the end of the working week, the Austrian Financial Market Authority (FMA) has published a warning on its website against Prestige Financial Markets this Friday.
According to the statement published on the European regulator’s website today, Prestige Financial Markets is not authorized to carry out certain banking transactions within the country.
In particular, the entity: “is not authorised to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”
In its warning, the Austrian watchdog has provided the following details belonging to the entity:
Name: Prestige Financial Markets
(Euro Wealth OÜ, vormals AllProTech OÜ)
Address: Lõõtsa 6, 11415 Tallinn, Estonia
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On Prestige Financial Markets’ website, the entity states: “As a leading and regulated broker in the trading industry, there are many reasons why you should choose to partner with Prestige Financial Markets. To start, let us look at the Prestige Financial Markets philosophy.
“Our core focus lies with our users as well as the design of our site and platform, which are based on simplicity and transparency. Every action of our staff is for the sake of our users’ satisfaction, and as a result, we are constantly making improvements and changes to meet the latest expectations of the global market.”
FMA warns against FX Crypto Club
Today’s warning comes one week after the regulator warned investors of the activities of FX Crypto Club, a Marshall Islands-based broker that has been offering financial products in the country without authorization.
Echoing previous warnings from the regulator, the independent financial regulator noted that FX Crypto Club offers customers CFDs that allegedly give them exposure to cryptocurrency instruments.