Texas Regulator Issues Cease and Desist Order to FxBitGlobe
- The entity is falsely claiming to be regulated and has provided a false address in Houston, the Order states.
The Texas State Securities Board announced this Wednesday that Commissioner Travis J. Iles has taken an emergency action on April 9, 2019, against FxBitGlobe, an alleged cryptocurrency and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (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) provider.
According to the statement, Iles issued an Emergency Cease and Desist Order against the entity to stop its international crypto and FX investment offering, as it is using a fake address and falsely claiming to be a registered broker-dealer and investment adviser.
Specifically, FxBitGlobe states that it is a world-leading investment company, which offers to trade crypto, FX, binary options and insurance investments, according to the statement. The company also claims to be founded in 2014 and has the following address in Houston - 1210 Smith St., 77002.
However, according to the Texan regulator, this address does not exist. Furthermore, the entity promises consumers significant monthly returns between 25 percent and 70 percent, which depend on the size of the initial investment.
“The company is intentionally failing to disclose any information about how it can generate those returns, however. According to the order, FxBitGlobe is not disclosing its principals or their experience,” the statement from the Texas State Securities Board said.
“Nor is it informing investors about its assets, liabilities, capitalization, and any other financial information that demonstrates it can pay a fixed rate of return from dealing in historically risky and volatile assets.”
FxBitGlobe Falsely Claims to be Regulated by the SEC
The Texan securities watchdog also reports that FxBitGlobe is telling potential customers that they can find all information regarding the risks associated with the investments through its filings with the Securities and Exchange Commission (SEC).
However, the agency warns that there are no such filings, according to the Emergency Cease and Desist Order and the entity is not actually registered with the SEC and the Financial Industry Regulatory Authority as it claims.
FxBitGlobe can challenge the order sent on Tuesday at the State Office of Administrative Hearings in Austin, up to 31 days after it was issued.
The Texas State Securities Board announced this Wednesday that Commissioner Travis J. Iles has taken an emergency action on April 9, 2019, against FxBitGlobe, an alleged cryptocurrency and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (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) provider.
According to the statement, Iles issued an Emergency Cease and Desist Order against the entity to stop its international crypto and FX investment offering, as it is using a fake address and falsely claiming to be a registered broker-dealer and investment adviser.
Specifically, FxBitGlobe states that it is a world-leading investment company, which offers to trade crypto, FX, binary options and insurance investments, according to the statement. The company also claims to be founded in 2014 and has the following address in Houston - 1210 Smith St., 77002.
However, according to the Texan regulator, this address does not exist. Furthermore, the entity promises consumers significant monthly returns between 25 percent and 70 percent, which depend on the size of the initial investment.
“The company is intentionally failing to disclose any information about how it can generate those returns, however. According to the order, FxBitGlobe is not disclosing its principals or their experience,” the statement from the Texas State Securities Board said.
“Nor is it informing investors about its assets, liabilities, capitalization, and any other financial information that demonstrates it can pay a fixed rate of return from dealing in historically risky and volatile assets.”
FxBitGlobe Falsely Claims to be Regulated by the SEC
The Texan securities watchdog also reports that FxBitGlobe is telling potential customers that they can find all information regarding the risks associated with the investments through its filings with the Securities and Exchange Commission (SEC).
However, the agency warns that there are no such filings, according to the Emergency Cease and Desist Order and the entity is not actually registered with the SEC and the Financial Industry Regulatory Authority as it claims.
FxBitGlobe can challenge the order sent on Tuesday at the State Office of Administrative Hearings in Austin, up to 31 days after it was issued.