SFC Adds a List of Clone Forex Broker Websites to its Alert List
- Hong-Kong’s financial regulator has warned the public against clone websites engaging in unregulated activity
Hong Kong’s Securities and Futures Commission (SFC), today added a further broker to its Alert List under the category of unlicensed entities. The new firm on the list is a clone of a licensed company. The Da Tong Global website has only mildly shifted the name of the company when compared to a regulated entity and is the latest broker to be red-flagged as part of the regulator's efforts to stop unlicensed firms promoting their services to the public in Hong Kong.
This is the second time this week that the SFC has warned against a 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 broker after yesterday issuing an alert on Daikyo Brokerage for conducting business in Hong Kong while not having permission to do so.
Unlicenced Trading Operations
According to the firm’s website the firm claims to be based in Kowloon, Hong Kong. The SFC has, however, stated that the address listed is invalid which may leave investors open to risk.
Hong Kong’s financial watchdog helps keep investors informed by drawing attention to illicit operations and unregulated entities that market participants should abstain from doing business with.
The Alert List contains 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.
Hong Kong’s Securities and Futures Commission (SFC), today added a further broker to its Alert List under the category of unlicensed entities. The new firm on the list is a clone of a licensed company. The Da Tong Global website has only mildly shifted the name of the company when compared to a regulated entity and is the latest broker to be red-flagged as part of the regulator's efforts to stop unlicensed firms promoting their services to the public in Hong Kong.
This is the second time this week that the SFC has warned against a 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 broker after yesterday issuing an alert on Daikyo Brokerage for conducting business in Hong Kong while not having permission to do so.
Unlicenced Trading Operations
According to the firm’s website the firm claims to be based in Kowloon, Hong Kong. The SFC has, however, stated that the address listed is invalid which may leave investors open to risk.
Hong Kong’s financial watchdog helps keep investors informed by drawing attention to illicit operations and unregulated entities that market participants should abstain from doing business with.
The Alert List contains 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.