Hong Kong’s SFC Warns Against Fake NFA-Regulated FX Broker
- HKJHFX operates in Hong Kong but falsely claims to be regulated by the US National Futures Association (NFA).
Hong Kong’s Securities and Futures Commission (SFC) has issued a statement cautioning investors about HKJHFX, which has been offering financial services to the public without being authorized to do so, according to an SFC statement.
HKJHFX says it maintains offices at Commercial Centre, 2-16 Fa Yuen Street, Mong Kok, Kowloon, Hong Kong. The regulatory body of Hong Kong, however, states that the address is invalid as the unregulated firm is not located in the region, although it may be using the details of a legitimate company to mislead investors. The SFC further notes that the brokerage has a bank account under the same name for Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term purposes. This knowledge may come in handy for the public if the company changes its name.
HKJHFX is the latest FX broker to be included on the watchdog’s warning list, which comes in parallel with a statement on its website warning residents about the increase in similar solicitations.
Fake Regulatory Status
Interestingly, HKJHFX falsely claims to be regulated by the US National Futures Association (NFA), but without providing any registration number to confirm its regulatory status. A search on the NFA’s website using the company’s name reveals its false claims as no such a company authorized by the independent watchdog.
The NFS self-regulates futures trading and is itself supervised by the US Commodity Futures Trading Commission (CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term). Both watchdogs were given massive new responsibilities under the Dodd-Frank law, including setting requirements for how much borrowed money, or margin, the firms’ clients can use on currency trades.
The SFC routinely warns of scams operating in Hong Kong, one of the region’s paramount financial markets.
Presently, the SFC’s comprehensive alert list features the names of businesses that have come to the attention of the watchdog 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.
Hong Kong’s Securities and Futures Commission (SFC) has issued a statement cautioning investors about HKJHFX, which has been offering financial services to the public without being authorized to do so, according to an SFC statement.
HKJHFX says it maintains offices at Commercial Centre, 2-16 Fa Yuen Street, Mong Kok, Kowloon, Hong Kong. The regulatory body of Hong Kong, however, states that the address is invalid as the unregulated firm is not located in the region, although it may be using the details of a legitimate company to mislead investors. The SFC further notes that the brokerage has a bank account under the same name for Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term purposes. This knowledge may come in handy for the public if the company changes its name.
HKJHFX is the latest FX broker to be included on the watchdog’s warning list, which comes in parallel with a statement on its website warning residents about the increase in similar solicitations.
Fake Regulatory Status
Interestingly, HKJHFX falsely claims to be regulated by the US National Futures Association (NFA), but without providing any registration number to confirm its regulatory status. A search on the NFA’s website using the company’s name reveals its false claims as no such a company authorized by the independent watchdog.
The NFS self-regulates futures trading and is itself supervised by the US Commodity Futures Trading Commission (CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term). Both watchdogs were given massive new responsibilities under the Dodd-Frank law, including setting requirements for how much borrowed money, or margin, the firms’ clients can use on currency trades.
The SFC routinely warns of scams operating in Hong Kong, one of the region’s paramount financial markets.
Presently, the SFC’s comprehensive alert list features the names of businesses that have come to the attention of the watchdog 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.