The latest Hong Kong SFC Forex Paradise warning, cautions traders against another firm works on the HYIP concept. Why should you avoid HYIP and what does it stand for?
2 March, AtoZForex – The Securities and Futures Commission (SFC) is a Hong Kong financial regulator. It is an independent statutory body to regulate the nation’s securities and future markets for the benefits of investors and the industry. SFC has added Forex Paradise Limited to its alert list. The list comprises of the entities that are unlicensed in Hong Kong. Moreover, they are believed to be or to have been targeting Hong Kong investors or claim to have an association with Hong Kong.
Hong Kong SFC Forex Paradise warning
SFC has published a warning today against Forex Paradise Limited alerting the investors. The regulator has blacklisted Forex Paradise with a remark that the company is not located at the given Hong Kong address. The firm has documented their address as Room 301, 43 San Fung Ave, Sheung Shui, NT, Hong Kong. In addition, they operate through the website of forexparadise.biz. According to Hong Kong SFC Forex Paradise warning, the company is an unlicensed entity. The regulator has also made a note that unlicensed entities often use names similar to legitimate companies to confuse investors.
Forex Paradise is a binary options broker offering profit trading in Forex markets on HYIP concept. HYIP (High Yield Investment Program) as the name suggests is an investment program that offers high return with a correspondingly high level of risk. The firm has been providing various investment and referral programs. It has mentioned the UK address as 30 Fenchurch Street, London, EC3M 3BD, UK. When I personally googled this address, I found no connection between Forex Paradise and the UK address. Moreover, I was not even able to access their given website.
Regulator’s note to the investors
The regulatory body asks the investors that it would be of assistance to the SFC if they provide information on their dealings with any unlicensed firm. Furthermore, the information comprised in their Alert List is provided as an early warning service to the investors. In other words, it is not a substitute for investors conducting their own due diligence by checking up on a particular entity.
Investors are putting their investments at higher risk when dealing with unauthorized and non-regulated entities. It is highly advised to only deal with regulated entities, authorized and registered by reputable regulatory bodies.
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