Hong Kong’s Securities and Futures Commission (SFC), an independent regulatory body in Hong Kong, has today issued a warning against a UK-based unlicenced entity, FX Protrade, a forex broker operating online as www.fxprotrade.com. The company is also associated with 5Markets Ltd, another unlicenced company on the SFC’s alert list which uses a Hong Kong bank account in the name of Markets Technologies Limited for settlement.
The SFC has advised potential investors not to do business with this broker, pointing out that unlicensed entities often use names similar to legitimate companies to confuse investors.
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The SFC last made headlines in March after fining Unicorn Securities Company Limited and its former officer, Chan Hoi Shou, in connection with asset and fund management irregularities.
Hong Kong’s financial watchdog helps inform investors, bringing to light a plethora of illicit operations and unregulated entities that market participants should abstain from doing business with. The regulatory authority also helps police the country’s securities and futures markets. The Alert List is a list of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.