SFC Issues Warnings about FXGlobal1 and Wing Fung Financial Group

Hong Kong’s financial regulator the Securities and Futures Commission (SFC) updated its Alert List today, featuring the names of businesses that are unlicensed in Hong Kong and that are believed to have targeted Hong Kong investors or made claims to be associated with Hong Kong.

Unlicensed Entity

In the first instance, the SFC has added retail 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 FXGlobal1, which operates using the website www.fxglobal1.com. According to the regulator, FXGlobal1 has been using a bank account in Hong Kong under the name of Expert Capital Ventures Limited for settlement and warns that unlicensed entities often use names similar to legitimate companies to confuse investors.

Suspicious Website

A further warning has been issued against Wing Fung Financial Group, which purports to offer trading in metals and has been flagged as a Suspicious Website by the SFC. The SFC said that the website under which the company operates, www.lianhepme.com, is not associated with Wing Fung Securities Limited, Wing Fung Futures Limited and Wing Fung Forex Limited, all of which are SFC-licenced corporations.

Background

Hong Kong’s financial watchdog helps inform investors by drawing attention to illicit operations and unregulated entities that market participants should abstain from doing business with.

The Alert List is a list of 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.

Suspicious website operators, meanwhile, often use names similar to legitimate companies to confuse investors which was demonstrated in the latter case.