Multiple regulators warn against Trading Banks


1 March AtoZForex, Lagos – The Financial Markets Authority (FINMA), Switzerland’s foremost financial regulator has again warned the public about the activities of another unregulated firm selling its services in the region. This time, the warning involves the Forex broker TradingBanks. A remarkable case, as multiple regulators warn against Trading Banks. Aside, the recent the Swiss regulator’s warning on TradingBanks, previous year Italy’s CONSOB and Belize IFSC already issued a warning against the firm.

Trading banks operates via the website http://www.tradingbanks.com. The firm claims on its website that: “TradingBanks 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.”

IFSC Trading Banks warning

The firm also claims to have a physical address in Belize. However, the International Financial Services Commission of Belize (IFSC) also warned last year about Trading Banks firm. The Belizean regulator discovered that TradingBanks falsely claimed affiliation to a subsidiary of an IFSC licensed firm, prompting the IFSC warning on TradingBanks. After this discovery, the regulator has firmly noted that TradinBanks is neither regulated to carryout its operations in the region, nor affiliated to any IFSC licensed entity. Therefore clarifying that all claims made on the firm’s website https://www.tradingbanks.com/ are “false and fraudulent”.

CONSOB Trading Banks warning

Adding to the multiple regulators warn against Trading Banks, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB), also issued a public warning against Trading Banks. The Italian regulators clarified that this firm claims to have vast operations across various regions in the world, covering Europe and Asia especially. However, the public has also been warned by the Italian financial regulator not to get carried away by the claims of this broker as it is not regulated to carryout the services for which it claims in the region.

Therefore, individuals are advised not to be carried away by this firm’s numerous dubious claims as it in neither regulated in Belize, Italy nor Switzerland. This again serves as a reminder to the public to only deal with well regulated entities, so as to ensure safety of theie investment.

Think we missed something? Let us know down in the comments section.

Share Your Opinion, Write a Comment