Malaysian financial regulator has blacklisted Just2Trade, a CySEC regulated FX broker which is part of the Russian group of companies FINAM.
October 27, 2020 | AtoZ Markets – Malaysia’s financial regulator, the Securities Commission (SC), seems to have stepped up its efforts in recent years to prevent illegal activities of representatives of the OTC industry in the country.
This time, the “persona non grata” was announced to be a brokerage firm registered in Cyprus, Just2Trade, which is part of the Russian group of companies FINAM. Together with this FX broker, a certain brand Chelco Resources was included in the SC blacklist.
Malaysian Regulator SC warns against Just2Trade
In its announcement today, the Malaysian regulator said that these “companies operate in an established market without permission from the Commission.” The main complaint against most companies is that they “are active in the capital markets, including securities and derivatives, without a license.”
“The public is advised not to make any investments or work with companies/individuals that are not licensed or approved by the Commission,” the regulator warned. However, it is not yet clear how the Malaysian regulator plans to take action against the listed forex brokers, including Just2Trade, and whether they can continue to offer their services in the country.
It should be noted that this is not the first regulator to issue a warning against Just2Trade Online Ltd., which also owns 2 domains: finam.eu and finam.com.cy.
In June of this year, it became known about an incident with a European forex broker as part of the FINAM Group of Companies, as a result of which the Antimonopoly Service of Russia (OFAS) suppressed illegal advertising of Just2Trade Online Ltd services on the territory of the Russian Federation.
And a year earlier, the Ukrainian financial regulator, the National Securities and Stock Market Commission, issued a warning to the public in which it accused Just2Trade Online Ltd of fraud.
“As part of the monitoring of dubious financial projects, the so-called“ scam projects ”that promise Ukrainians a quick and guaranteed income, the National Securities and Stock Market Commission draws the attention of consumers of financial services to the fact that recently a new scam project Just2Trade Online Ltd has become more active and rapidly popularized”, the regulator said.
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