December 7, 2020, | AtoZ Markets – The financial regulator of Malaysia, the Securities Commission (SC) has backlisted yet another retail brokerage platform, citing the brand is not authorized to operate in the country.
This time, the unauthorized Forex broker named is Juno Markets.
Malaysia regulator SC warns investors against Juno Markets
Founded in 2014, Juno Markets is an online broker specializing in forex, CFDs, and commodities. This Forex broker is based and regulated in the Republic of Vanuatu, holding a license with the Vanuatu Financial Services Commission (VFSC).
However, in its announcement today, the Malaysian regulator accused Juno Markets of “carrying out unlicensed capital market activities of dealing in securities and derivatives, misrepresentation, and misusing SC’s name and logo.”
As a result, Malaysian investors and traders have been advised not to make any investments or work with companies/individuals that are not licensed or approved by the Commission.
Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offense under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.
However, it is not yet clear how the Malaysian regulator plans to take action against Juno Markets.
Just2Trade, Tickmill also blacklisted
In July, the southeast Asian regulator issued a similar warning against Just2Trade, Tickmill, and other firms operating various investment services in the country. It said these platforms are not authorized to operate in the country nor subject to its regulatory oversight.
Read also: Malaysian Regulator Issues Warning Against HotForex and OANDA
As a result, the Malaysian watchdog advises investors to always check the list of reliable Forex brokers before committing funds to such companies. The regulators also clarified that non-authorized service providers may be subject to criminal penalties.
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