The Financial Conduct Authority (FCA) has expanded its warning list in the past week, issuing warnings against 44 trading and investment platforms targeting UK residents through unauthorized operations. Some of the platforms claim to offer opportunities for trading in foreign exchange (FX), contracts for difference (CFDs), shares and cryptocurrency as managing investment portfolios, according to a check by Finance Magnates.

Regulators Blacklist Unregistered Trading Firms

On the other hand, New Zealand’s Financial Markets Authority (FMA) on Monday (today) warned against two unregistered online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms, Market Radar and Rolvi Trade. This is even as the FCA simultaneously flagged five of such illegal trading and investment platforms: Infinite Prime, Fxcycletrader Financial, Octus Global Limited, Infinity Miners and Globa Giant Asset.

Of the remaining 39 unregistered platforms blacklisted by the FCA, the regulator identified two as clones of authorized financial services providers in the country. The identified clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firms are Steban Holdings Limited and Capital Finances Limited, which the regulator said are impersonating the registered firms: Roy Persaud and Capital Finance Management Limited, respectively.

The other illegal trading and investment platforms flagged by the British watchdog include Crystaearn, Vtz Capitals, Accet Mining, Wisdom Finance, Blockchain Miners Limited, Trademarketspro, Coinsflux Limited and DenoxFundz. Also, the FCA highlighted a number of other unsanctioned platforms: Wealth Gecko, At-agora.com, Iva Informer, Bitbinx, 4X.FM, Multifxincome, Nexon Groups, Cryptofinance.guru, SSC Investment, Pompom Global, Finansys FX, Trustyswap and Cryptoxphere.

Furthermore, the FCA flagged Unicorn FX, Sterlingequityholdings.com, Elite Share Broker, Evo Cryptos, Optionfinmax, AlgoForex, Swiffbit and EJ Profit. It also added Vertex Digital, Gulfshore Trading, Fchain-Network, Max FX Global, Proton Live Trading, TheGoldencoinmining/Phonix FXtrade, Zenith Experts and Infinit Trades, to its warning list.

On top of that, these platforms join an expanding list of unauthorized trading and investment firms flagged by the FCA this year. The regulator recently blacklisted 26 illegal trading and investment platforms operating in the country or targeting UK citizens.

New Zealand Slams Two Illegal Platforms

Meanwhile, the FMA noted that while Market Radar offers unregistered trading in cryptocurrency, forex and CFDs, Rolvi Trade provides cryptocurrency products and services to users in the country without authorization.

“We are concerned the website marketsradar.io may be operating a scam,” the FMA stated. “We received reports of people being unable to recover funds paid to the website.”

Furthermore, the Kiwis regulator noted customers are finding it hard to withdraw their funds from Rolvi Trade. It described the platform as an ‘unregistered, potential pyramid scheme’.

“Rolvi Trade is based overseas but does not appear to be subject to regulation by any overseas regulator,” the FMA added.

Nasdaq to acquire Adenza; A16z's London office; read today's news nugget.