SL Markets May Be Operating a Scam, New Zealand’s FMA Warns

The entity claims to be authorized in the country, when, in fact, it is not.

The Financial Markets Authority (FMA) of New Zealand, a financial regulator, has updated its warning list this Monday, publishing a warning against SL Markets (also known as Super Lucky Prime/ SL Prime).

According to the warning published by the New Zealand regulator, SL Markets may be operating a scam, as it has the right characteristics.

Specifically, the regulator said: “We are concerned that SL Markets may be operating a scam. SL Markets is using National Cloud Service Co Limited’s financial service provider registration details on their website and claims its operations are regulated by the Financial Regulatory Authority of New Zealand.”

However, the FMA states that the entity is, in fact, not associated with the New Zealand incorporated company National Cloud Service Co Limited. Furthermore, the Kiwi watchdog points out that there is no regulatory body in New Zealand, known as the Financial Regulatory Authority of New Zealand.

The FMA provides the following details as belonging to SL Markets:

ENTITY NAME: SL Markets (also known as Super Lucky Prime/ SL Prime)

DATE: 19/02/2020

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Taking a look at the company’s website, SL Markets claims to be a: “forex and CFD broker that provides trading solutions for worldwide investors. The company was founded in 2014 and headquartered in Nicosia, Cyprus. 

“SL MARKETS has representative offices in Sydney, London, Hong Kong, Shanghai, Korea and Malaysia, providing one-stop trading services including foreign exchange, precious metals, energy and indexes. Our clients include money market funds, asset management companies, high net worth clients and general traders.”

FCA warnings

Readers of Finance Magnates can be forgiven for thinking that a new scam in the FX and CFD industry is identified by a financial regulator each day, as this can sometimes be the case, with scams becoming increasingly common in the industry.

On Friday, the Financial Conduct Authority (FCA) added two new entities onto its warning list – Tradixa and Bitcoinmarketscap, which the regulator believes are both offering financial services without authorization in the United Kingdom.

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