Austrian FMA blacklists forex firm Universe Markets

July 10, 2019 | AtoZ MarketsThe Financial Market Supervision Department in Austria (FMA) has recently issued a warning against the forex trading firm Universe Markets, for compliance issues.

The FMA said in its warning, published July 9, “The Austrian Financial Market Authority (FMA) may inform the public in accordance with § 4 para 7 Banking Act (BWG) 1st sentence by announcement on the Internet, reprint in the "Official Gazette of the Wiener Zeitung" or in a newspaper with distribution throughout the Federal territory that a named natural or legal person (person) is not authorized to carry out certain banking transactions.

With its publication in the official gazette "Amtsblatt zur Wiener Zeitung" dated 09.07.2019 the FMA informs that:

Universe Markets / WhiteSquare Trading Ltd

131-151 Great Titchfield Street London W1W 5BB

United Kingdom

+ 43-13469999044

is not entitled to perform banking transactions requiring a license in Austria. Therefore, the provider is not allowed the deposit business (§ 1 Abs. 1 Z 1 BWG).”


And a warning against Xtrader-FX GPay Ltd.

In a similar context, the Austrian FMA had warned last March against Xtrader-FX GPay Ltd.

The warning read at the time, “Pursuant to Article 4 para. 7 first sentence of the Bankwesengesetz (BWG; Banking Act), the Austrian Financial Market Authority (FMA) may disclose to the general public by publication on the Internet, in the official gazette “Amtsblatt zur Wiener Zeitung”, or in any other newspaper with nationwide circulation, that a particular natural or legal person (person) is not entitled to carry out certain banking transactions, provided that said person has given cause for such action and informing the general public is deemed necessary and reasonable with regard to possible disadvantages of the person concerned. By publication in the official gazette “Amtsblatt zur Wiener Zeitung” of xx.03.2019, the FMA hereby informs that


GPay Ltd

18 Stoke Road Slough


United Kingdom;;;

+44 2039 666 921

+49 3030 80 6693

+43 720 77 89 46

is not entitled to carry out banking transactions in Austria that require a licence. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits (Article 1 para. 1 no. 1 BWG) is not allowed."

It is worth mentioning that As an integrated supervisory authority established in 2002, the Financial Market Authority brings together the supervision of all significant providers and functions under a single roof.

The Financial Market Authority supervises banks, insurance undertakings, Pensionskassen (pension companies), corporate provision funds, investment firms and investment services providers, investment funds, financial conglomerates and stock exchange companies. On the other hand it also monitors compliance with legal requirements, fairness and transparency in relation to trading of stock-exchange listed securities (the supervision of markets and stock exchanges); that for securities that are to be offered to the public that comprehensive prospectuses are issued that portray the opportunities and risks associated with the investment in an appropriate manner (supervision of capital market prospectuses); that the principles of good governance and orderly advice are adhered to (supervision of compliance and rules of conduct); that the unauthorised offering and provision of financial services is prohibited and punished; and that all financial institutions have the necessary systems in place to work preventively in relation to money laundering and terrorist financing.

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