CRFIN Warns against Royal Smart Group and Forex MMCIS Group
- Russian self-regulatory organization CRFIN has issued two press releases outlining that it has added both companies to its blacklist for allegedly misleading and promising unrealistic returns to depositors.
Russian self-regulatory organization, CRFIN, has issued two press releases outlining that it has added both companies to its blacklist for allegedly misleading and promising unrealistic returns to depositors.
According to the Russian private Forex regulatory body, Royal Smart Group (www.royalsmartgroup.ru) has been promising unrealistic returns totaling 7.8 to 10.3% weekly without any impending risk to the customer, while 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 MMCIS Group (www.forex-mmcis.com, www.mmcis.ru, www.forex-mmcis.ru, www.ru.forex-mmcis.com) has been promoting to prospective investors an average of 10% monthly returns allegedly generated by the company’s Forex trading desk.
CRFIN has stated that both companies have been marketing to give out bonus Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to customers for bringing in new clients who are willing to deposit. In the case of MMCIS, the payments are allegedly happening on a multi-level marketing basis, while RMS claims to be giving out 3% of the deposited funds to the referral customer.
Both press releases have stated that there are no objective warranties for the companies to be handing funds back to their investors, with the business model allegedly not being transparent enough to prove that winnings are distributed to customers in any other way than from transferring funds from existing investors.
In addition, according to CRFIN, the Russian law does not permit the use of a phrase such as “managed funds” for marketing, which both companies have used, and information about their licensed services for managing funds is missing from all mentioned websites.
The latest developments surrounding the official Forex regulation bill of brokers in Russia have not been promising, and at this point in time there is not much likelihood that we are going to see a new law addressing FX trading in Russia until the end of the year.
Russian self-regulatory organization, CRFIN, has issued two press releases outlining that it has added both companies to its blacklist for allegedly misleading and promising unrealistic returns to depositors.
According to the Russian private Forex regulatory body, Royal Smart Group (www.royalsmartgroup.ru) has been promising unrealistic returns totaling 7.8 to 10.3% weekly without any impending risk to the customer, while 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 MMCIS Group (www.forex-mmcis.com, www.mmcis.ru, www.forex-mmcis.ru, www.ru.forex-mmcis.com) has been promoting to prospective investors an average of 10% monthly returns allegedly generated by the company’s Forex trading desk.
CRFIN has stated that both companies have been marketing to give out bonus Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to customers for bringing in new clients who are willing to deposit. In the case of MMCIS, the payments are allegedly happening on a multi-level marketing basis, while RMS claims to be giving out 3% of the deposited funds to the referral customer.
Both press releases have stated that there are no objective warranties for the companies to be handing funds back to their investors, with the business model allegedly not being transparent enough to prove that winnings are distributed to customers in any other way than from transferring funds from existing investors.
In addition, according to CRFIN, the Russian law does not permit the use of a phrase such as “managed funds” for marketing, which both companies have used, and information about their licensed services for managing funds is missing from all mentioned websites.
The latest developments surrounding the official Forex regulation bill of brokers in Russia have not been promising, and at this point in time there is not much likelihood that we are going to see a new law addressing FX trading in Russia until the end of the year.