FMA Flags Unauthorized Forex Broker Greenfields Capital in New Zealand

The financial watchdog is the sixth regulator to issue a warning against the firm.

New Zealand’s Financial Markets Authority (FMA) has posted a warning on its website on Thursday against Greenfields Capital. According to the regulator, the firm is unauthorized in the country.

The watchdog also added that the firm is not incorporated in New Zealand and is not registered on the Financial Service Providers Register. As a result, the firm is not allowed to provide any financial products or services to residents in the country.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

In addition, Greenfields Capital has been accused of withholding client funds by a New Zealand-based investor. The firm claims to offer investors the opportunity to trade in currencies, commodities, and shares via contracts for differences (CFDs). It operates through the website www.greenfieldscapital.com or the GREENFIELDS mobile app.

Suggested articles

ACY Securities Asia Trading Cup Returns for 2nd YearGo to article >>

The company claims to be based at 9th Joe Street, 5th Floor, Office 71, Tallinn, Estonia. The company also has addresses in Prague, Scotland, and London.

Another Regulator Blacklists Greenfields Capital

The FMA is not the first regulator to flag the unauthorized firm as suspicious. The Estonian Financial Supervision Authority first flagged the company back in January. In March this year, the Superintendence of the Securities Market of the Republic of Panama also blacklisted the firm for illegally offering financial services without the proper authorization.

One month later in April, the Czech National Bank flagged YOLENGER, which was offering unauthorized financial services under the trade name Greenfields Capital. In the same month, the Financial Conduct Authority (FCA) warned against Premium Peak Ltd, which was also providing financial services through the Greenfields Capital trading name illegally. The British watchdog also made sure to point out that it is in no way associated with the authorized firm Greenfield Capital II Limited, FRN 603625.

Besides the FMA, the Monetary Authority of Singapore (MAS) was the most recent to blacklist the broker. Due to the many collections of warnings, investors should avoid interacting with the firm completely. Should you be contacted by the company, it is wise to inform your local financial regulator.

Got a news tip? Let Us Know