ASIC Issues Warning Against 3 Unauthorized Brokers in Australia

The Australian regulator ASIC has issued a public warning against 3 unauthorized brokers in Australia. Make sure to check it!

June 23, 2021, | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has issued a new alert for the Australian investors’ community. The latest ASIC warning mentions the names of three unauthorized firms. The official alerts from the Australian regulator list the names of firms that appear to solicit clients without permission from ASIC.

ASIC warns against Global Capital Swiss Corp, COIN POBIT, and A Glance Group LLC

In order to operate in the Australian financial market, any company should possess the Australian Financial Services or Australian Credit License. However, the newly added six firms lack both these licenses. Thus, the ASIC has added their names to its warning list.

Specifically, the latest ASIC warning list update includes the following names: Global Capital Swiss Corp, COIN POBIT, and A Glance Group LLC.

The corporate regulator says it is aware of websites displaying or linking to fake ASIC company registration certificates. These certificates are fake because they look like ASIC documents or use ASIC’s logo, but they contain information about companies that are not registered.

fake company extract

ASIC does not produce documents that look like this.

These unauthorized brokers in Australia provide a variety of investment products. Most of the companies concentrate on offering investment schemes, products, and investment advice in relation to Binary Options.

Fake endorsements

Investors can check whether a company is registered for free on ASIC official website. However, registration does not guarantee the quality of a company and does not represent ASIC endorsement.

A website that displays an ASIC company registration certificate as a way of promoting a business could be a scam.

If a company claims it is registered, but there is no record of registration on ASIC’s website, it could be a scam.

What if you have been scammed?

If you think you or someone you know has been a victim of a scam, lodge a report of misconduct with ASIC and report the matter to the police. You can also make a report to the Australian Cyber Security Centre at ReportCyber. Your report may disrupt the scammers and hopefully will warn others to avoid it.

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