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Maya Mandzikasvili

5 December 2018

Regulation Announcements

FCA Adds TradeBNP to Its Blacklist

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December 05, 2018 | AtoZ Markets-The British Financial Conduct Authority (FCA) has issued a warning against TradeBNP. In its warning released Dec. 04, the FCA informed that TradeBNP was operating without a license.

According to the British financial watchdog, TradeBNP claims to have an address in Belfast. As FCA stated, the aforementioned company, in fact, does not reside in Northern Ireland. The analysts explained, that most scam brokers do not reveal their real address and use a more “legit” locations such as London, instead. The UK Financial Authority experts noted, that setting up a fake office, phone number, and fake trading platform is extremely simple. They added that getting a virtual office in London and British phone number might take only ten minutes. According to the FCA note, TradeBNP did not use an English number which would have been compatible with their Belfast location but preferred a German phone number.

TradeBNP is not the first case of scam

The recent British regulator's note put TradeBNP under pressure, which might have stolen loads of money from people around the world. The FCA experts warn, that scammers usually call or email potential investors offering high profits and asking to deposit some of their cash in return. As the analysts note, the victims never get any profits, and the scammers disappear after they collect the funds. TradeBNP is not the first company blacklisted by the UK financial watchdog. FCA has been recently tightening its grip on fraudulent firms even more, in its pursue to combat scams and protect the consumer, where it had recently warned of. On the 15th of November, the British financial watchdog announced that a company named GMT crypto was impersonating the legal firm GMT Communications Partners LLP, with the purpose to attract investors and possibly scamming them. Later, a clone company, named “World Techno Trade” which had cloned the company of “True Trade Limited” was blacklisted by the British regulator. A week later the financial watchdog issued a warning about scam entity, that has been operating under legal Mayfair Capital Markets brand which is approved by the FCA’s regulations.

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London Belfast scam FCA brokers
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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