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4XFX and UFX Global on regulatory warnings lists
In recent days on the pages of FMA (New Zealand regulator) and FCA (regulator from Great Britain) there were entries regarding suspicious brokerage activities. As both institutions mention, there are several violations. They concern quite a lot "Classic" cases of irregularities. Nevertheless, there was a message about increased vigilance towards both companies.
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ASIC also intervened
Some time ago an Australian regulator (more precisely in January) added 4XFX to his list of warnings. In the justification, he provided information that showed that the company may be an ordinary scam. The activity carried out by the company was not regulated by any license. Attention Australian Securities and Investments Commission it also attracted the company's name. The website provided information about FRG Europe Ou under which an unregulated broker operates. Reasons why 4XFX went to the list of warnings in Australia was more. ASIC also found irregularities in the promotion as well. The practices conducted by the company in the field of marketing bear the hallmarks of a scam. I am talking primarily about aggressive telemarketing and mass mailing.
FCA also warns
FCA, just like ASIC, has just issued a warning against any cooperation with 4XFX. More attention was paid to unreliable data regarding company registration. The official statement shows that it is registered in Harju Maakond Tallinn Kesklinna Linnaosa Roosikrantsi tn 2-K397, 10119, Estonia. After checking this information by FCA, it is known that no such entity is included in the base of the regulator.
Suspected SCAM
The next entity, this time warned by the New Zealand regulator, is UFX Global. The FMA found irregularities mainly in the company's registration and regulatory data. As stated in the official communication "Registration and regulatory data provided on the site as false". New Zealand FMA also reports that the broker (or rather its headquarters) is located abroad, more precisely in Vanuatu. Therefore, it does not have any rights and licenses to conduct brokerage activities in New Zealand. The services provided by him are unregulated and illegal. FMA also warns about potential SCAM.
Reliantco Investments Ltd., which owns the UFX brand, was fined by Cypriot regulatory supervision with a fine of 95 000 EUR at the end of the 2017 year. Are not lessons learned from this lesson?
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