PatronFX is on the KNF's list of warnings

February 4, 2022 Polish Financial Supervision Authority added a new entity to the list of warnings - Forex TB Ltd., which owns the PatronFX brand, operating under the domain www.patronfx.com. We warn you against using the services of this company. Details below.

KNF warns against PatronFX

This is the first message with a warning from the Polish Financial Supervision Authority in ... February this year. In recent months, the Polish regulator has been extremely active and has added more than 2 entities to the "black list" in just the last two months. Forex TB Ltd., however, is one of those companies against which the KNF warns, despite the fact that it has a license to conduct this type of activity. Forex TB Limited is registered at Lemesou Avenue 20, 71nd Floor, 2, Aglantzia, Nicosia, Cyprus and has CySEC license with the CIF 272/15 license number, i.e. already issued in 2015, co confirms the website of the Cypriot regulator.

But the mere possession of the authorization to conduct the activity of brokerage in financial markets does not give the broker complete freedom in actions. He met a similar case Irish broker AvaTrade, which also hit the list of warningsdespite having European powers.

The KNF announcement states that the reason for the entry on the PatronFX list is the notification regarding the suspicion of committing a crime under Art. 178 of the Act on Trading in Financial Instruments, i.e. conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by an entity other than the KNF Office, and the case is being conducted by the District Prosecutor's Office in Warsaw.

We can therefore assume that Forex TB Ltd. performed activities beyond the powers resulting from the CySEC license. What exactly? This is not known.

Forex TB Ltd. (PatronFX) entry on the KNF's list of public warnings. Source: KNF.gov.pl

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.