Regulators Remain Vigilant, BaFin and FCA Flag Suspected Scams
- BaFin has warned against Sky Hub Limited and the FCA has blacklisted Profit Trading Ltd as a clone firm.
Two potential threats have been detected by financial regulators this Tuesday, one from Germany and one from the United Kingdom, as scams within the foreign exchange (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) industry continue to be a threat to consumers.
Today, the Federal Financial Supervisory Authority in Germany, more commonly referred to as BaFin, has published a warning against Sky Hub Limited which operates the Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term www.4xincome.com.
Through the trading platform, which claims to offer contracts-for-difference (CFD) and forex trading, Sky Hub Limited accepts foreign funds as deposits or other “unconditionally repayable funds of the public.”
However, according to the warning, the company is doing so without having the proper authorization that is required from BaFin. Because of this, the German regulated prohibited the entity from conducting these types of transactions on July 18.
Furthermore, the watchdog has ordered the immediate settlement of the unauthorized transactions. Although BaFin’s decision is immediately enforceable by law, it is not yet final, the statement said.
FCA flags Profit Trading Ltd as clone firm
Further to the west, Britain’s Financial Conduct Authority (FCA) has also flagged a suspicious entity, Profit Trading Ltd, which it claims is a clone of a legitimate FCA-authorised firm.
As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.
The blacklisted entity claims to be a forex and investment trading platform, through its website www.profittradingltd.com. According to the UK regulator, the entity is a clone firm of a legitimate company by the same name - Profit Trading Ltd.
“This UK registered company that fraudsters are claiming to work for has no association with the ‘clone firm.’ Its correct details are Firm Name: Profit Trading Ltd; Address: 21 Letterstone, London, Fulham, SW6 7BS,” the warning said.
“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA stated.
Two potential threats have been detected by financial regulators this Tuesday, one from Germany and one from the United Kingdom, as scams within the foreign exchange (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) industry continue to be a threat to consumers.
Today, the Federal Financial Supervisory Authority in Germany, more commonly referred to as BaFin, has published a warning against Sky Hub Limited which operates the Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term www.4xincome.com.
Through the trading platform, which claims to offer contracts-for-difference (CFD) and forex trading, Sky Hub Limited accepts foreign funds as deposits or other “unconditionally repayable funds of the public.”
However, according to the warning, the company is doing so without having the proper authorization that is required from BaFin. Because of this, the German regulated prohibited the entity from conducting these types of transactions on July 18.
Furthermore, the watchdog has ordered the immediate settlement of the unauthorized transactions. Although BaFin’s decision is immediately enforceable by law, it is not yet final, the statement said.
FCA flags Profit Trading Ltd as clone firm
Further to the west, Britain’s Financial Conduct Authority (FCA) has also flagged a suspicious entity, Profit Trading Ltd, which it claims is a clone of a legitimate FCA-authorised firm.
As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.
The blacklisted entity claims to be a forex and investment trading platform, through its website www.profittradingltd.com. According to the UK regulator, the entity is a clone firm of a legitimate company by the same name - Profit Trading Ltd.
“This UK registered company that fraudsters are claiming to work for has no association with the ‘clone firm.’ Its correct details are Firm Name: Profit Trading Ltd; Address: 21 Letterstone, London, Fulham, SW6 7BS,” the warning said.
“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA stated.