Forex broker Financika receives CNMV warning

18 February, Lagos – In line with its duty to ensure a safe and trustworthy investment environment for the public, Spain’s financial regulator, the Comisión Nacional del Mercado de Valores (CNMV) has issued another public warning about the illicit operations of a Forex broker. This time, Financika receives CNMV warning, which is a brand name of Sharp Trading Limited.

Financika receives CNMV warning

Financika offers online brokerage services across financial instruments like currencies, CFDs, indexes, stocks and commodities. The forex broker operates via the website and caters to customers all over the world. The forex broker has been caught by the Spanish regulator soliciting investors in Spain without the mandatory license to do so.
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See also: CNMV warning on FXMarker

The Spanish regulator clearly stated that the forex broker is “not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice in relation to the financial instruments detailed in article 2 of the same Law, including, for those purposes transactions of foreign currency.

Financika receives CNMV warning, the Spanish regulator advises investors in the region to avoid doing business with the broker. Eventually, it's always a must for investors to at least double check with the local regulator's registry if a financial firm is authorized or not. Investors should take responsibility and execute extra research before committing any funds with a firm or individuals.

Two binary options brokers also warned

As binary options grows in popularity, so are firms offering this services. Various regulators in various jurisdiction treat binary options differently. For example, Japan treats it as a financial product, with a highly regulated framework for the operations of such firms. While some regions simply do not have a framework to accommodate binary options operations. As Financika is issued a CNMV warning, two other binary options were red listed. As the Spanish regulator set out a warning on BK Trading and Safeklik.

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