The financial regulator in Hong Kong, SFC, continues to keep a close eye on the fake brokers in the region. In its latest efforts to block the scam, the regulator has added International Trading to its alert list. Is International Trading scam or reliable?
10 November, AtoZForex – The financial watchdog in Hong Kong has lifted a veil on International Trading, according to the report. The Securities and Futures Commission (SFC) has issued a statement alerting investors about the unauthorized binary options broker. SFC claims the firm is offering financial services to the public without any authorization.
Is International Trading scam or reliable?
According to SFC, International Trading assured public having offices in Hong Kong. However, the regulatory body states that the unregulated broker does not situate in the region. Although, it is misleading investors by using the details of a legitimate company. Further, the SFC noted that the brokerage has a bank account under the same name for settlement purposes. This knowledge may come in handy for the public if the company changes its name.
However, International Trading is the latest binary options broker which came under the watchdog’s alert list. Moreover, the watchdog list comes in parallel with a statement on its website warning the public about the increase in wealth management solicitations. Concerning the matter, the regulator routinely warns of scams operating in Hong Kong.
SFC warning against Trading Banks
Recently SFC has added Trading Banks to its alert list. Trading Banks operates online via the website http://www.tradingbanks.com. The company claims on its website that:
“Trading Banks is a brand owned and operated by ST World Trade Inc., a financial services company authorized and regulated to trade on financial markets including hedging, markets arbitrage, risk management and speculation. The registered office address is located at Vanterpool Plaza, Wickhams Cay I Road Town, Tortola, British Virgin Islands.”
The comprehensive alert list of the SFC features the names of businesses that have come to the attention of the watchdog due to unlicensed in Hong Kong. Meanwhile, SFC believes the unauthorized binary options brokers are luring Hong Kong investors with the promise of returns.
However, the statement from the SFC did not explicitly ban on unauthorized firms in Hong Kong. But it warned some types of offerings were likely to face regulatory scrutiny.
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