The Austrian Financial Supervisory Authority (FMA) is focusing on blacklisting unregulated cryptocurrency brokers. The name of its latest blacklist broker is Raxtrade/ROI STOCK LIMITED.
11 September 2020 | AtoZ Markets – Scammers prefer to create fraudulent sites and online scams to trick investors into giving away information and money. Scams are very well-organize and compelling, and it’s tough to catch the people behind them. Regulators around the world including the Austrian FMA are also informing investors about the latest scams.
More Unregulated Crypto Brokers Appears on FMA Blacklist
Austrian FMA has warned investors about the activities of Raxtrade/ROI STOCK LIMITED, a crypto broker. The broker is offering financial services in Austria without authorization. But it claims to have a license. FMA also said:
Raxtrade/ROI STOCK LIMITED is not entitled to carry out banking transactions in Austria that require a license. Therefore, the provider is neither permitted to trade on a commercial basis on its account or behalf of others.
Crypto brokers operating in Austria will need to have a license from FMA according to the new anti-money laundering (AML) regulations. The Austrian FMA recently focus on identifying and blacklisting unregulated cryptocurrency brokers.
The regulator said people should be cautious when dealing with the unregulated cryptocurrency brokers because they may be involved in or operating fraudulently. The regulator has also put out the details of the broker as follows:
Raxtrade/ROI STOCK LIMITED
- Address: C/O Suite 305, Griffith Corporate Centre, Beachmont, Box 1510, Kingstown, St. Vincent and the Grenadine.
- Tel.: +44 2039 361 22
- Web: http://raxtrade.com/
- E-Mail: email@example.com
RaxTrade or ROI STOCK LIMITED is a retail broker that has been operating since 2011. It provides stock, crypto, and forex trading services. According to the website, it says,
“We do so by providing various solutions geared towards new traders as well as professionals. We also place great emphasis on education, providing a well-rounded library of VOD seminars, webinars, daily news, market analysis, etc.”
Founded in 2002, the Financial Markets Authority (FMA) is an independent and autonomous supervisory body in Austria. Banks, pension funds, insurance, and securities firms are under its supervision. FMA also addresses cases where unregulated crypto brokers carry out activities in Austria.
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