24 January, 2020 | AtoZ Markets – Scams are always present in the financial markets and, more specifically, in the foreign exchange and cryptocurrency industry. According to the statement published today by Austrian authority, it did not authorize Prestige Financial Markets to carry out certain banking transactions within the country.
Is Prestige Financial Markets Scam or Reliable?
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. However, 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.
The FMA particularly pointed out the entity unauthorized to carry out banking transactions in Austria that require a license. Therefore, the entity is not authorized to carry out commercial transactions either on its own account or on behalf of others".
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
Read More: SEC Awards First Whistleblowers of 2020
UK FCA Also Issued a Warning against Prestige.FM
Additionally, the UK Financial Conduct Authority (FCA) also issued a notice against Prestige Financial Markets (Prestige.FM) in August 2018:
We do not authorized Prestige Financial Markets and it is targeting people in the UK. Based on the information we have, we believe it is conducting activities that require authorization.
Last week, the FMA also issued the first warning of the year. The warning was against the parent company CapCorp, which is behind the "FX Crypto Club" firm.
The Austrian watchdog has warned investors, elaborating on the potential risks associated with investing in Bitcoin and other cryptocurrencies. Moreover, Austrian crypto firms can be fined up to 200,000 EUR (above $221,000) from January 10, if they operate without FMA licenses. Some cryptographic providers have had no choice but to cease trading. Europe is gradually tightening the rules for cryptography space.
The Austrian watchdog also advised the public to always verify the identity of the company (details of the identity, country of establishment, etc.). The watchdog argues that never to trust a company if it cannot be clearly identified.
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