Bank of Ireland warns against 8888Markets, arguing that the firm has been offering investment services to the public without any authorization to do so. What do we know about 8888Markets?
14 August, AtoZ Markets – The central bank of Ireland has issued a warning featuring the name of an offshore brokerage, stating that the company has been providing financial services to Irish residents without any regulatory permission. The brokerage under the spotlight is 8888Markets.
Bank of Ireland Warns Against 8888Markets
As per the announcement, 8888Markets is the provider of a CFD/Forex trading platform and financial advisory services on a wide range of products. The central bank of Ireland has stated that the firm has been offering investment services to the public without any authorization to do so.
The authority has noted that this constitutes a criminal offense for an investment firm to operate a business in Ireland unless it holds an authorization from the Irish central bank. The bank has also mentioned that any individuals who choose to invest funds with 8888Markets will not be eligible for compensation in any form under the Investor Compensation Scheme.
In addition, the central bank has urged anyone that has been receiving cold calls or emails regarding the financial services offerings to carry out additional research. This should be done in order to make sure that the entity that they are about to invest money with is authorized. The regulator also advises contacting the authority in case they are approached by such entities.
Bank of Ireland CFDs Risks Plan
Earlier last year, the central bank of Ireland has been preparing to update the retail Forex and CFDs offering to retail clients. The supervisor has published a consolidation paper that concentrates on the issues that are related to financial trading products for retail investors.
The Bank of Ireland states that it is working on the plan to handle the high risks associated with CFDs products for retail clients. The regulator is seeking feedback from clients and brokerages.
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