Is Prestige Financial Markets scam or reliable? Today, the Austrian Financial Markets Authority (FMA) has published a warning against Prestige Financial Markets. According to the FMA, the entity is not authorized to carry out banking transactions in Austria.
24 January, 2020 | AtoZ Markets – According to the statement published today by Austrian authority, Prestige Financial Markets is not authorized to carry out certain banking transactions within the country. Financial companies operating in Austria must apply for a license to the country’s financial authority as new Anti-Money Laundering (AML).
The derivatives referring to crypto assets would not be included in this regulation. But they remain subject to the current restriction of ESMA and to any future proposals from the FMA about the sale of these instruments to investors.
Is the Prestige financial market scam or reliable?
The FMA pointed out that Prestige Financial Markets is not authorized to carry out banking transactions in Austria. The Austrian regulator said that Prestige Financial Markets require a license. In its warning, the Austrian Authority has provided the following details belonging to the entity:
- Name: Prestige Financial Markets (Euro Wealth OÜ, vormals AllProTech OÜ)
- Address: Lõõtsa 6, 11415 Tallinn, Estonia
- Tel.: +442039663668, +4917677181647, +41445083193,+3728804630
- Web: https://www.prestigefm.io, https://www.prestige.fm/
- E-Mail: firstname.lastname@example.org, email@example.com, firstname.lastname@example.org
Additionally, the UK Financial Conduct Authority (FCA) also issued a notice against Prestige.FM in August 2018:
The FCA has not authorized Prestige Financial Markets. Hence, Prestige Financial Markets cannot target people in the UK. Based on the information we have. We believe that Prestige Financial Markets is conducting regulated activities in the UK. For such activities, Prestige Financial Markets needs authorization.
The Austrian watchdog also advised the public to always verify the identity of the company (details of the identity, country of establishment, etc.). Furthermore, the watchdog argues that never to trust a company if it cannot be clearly identified.
Austrian Regulator Issues FX Crypto Club Warning
The Austrian watchdog has warned investors, elaborating on the potential risks associated with investing in Bitcoin and other cryptocurrencies. Some cryptographic providers have had no choice but to cease trading as Europe is gradually tightening the rules for cryptography space.
Last week, the FMA also issued the first warning of the year against FX Crypto Club. The warning was against the parent company CapCorp, which is behind “FX Crypto Club” firm.
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