8 September, AtoZForex.com, Lagos – In line with the Cyprus Securities and Exchange Commission’s (CySEC) responsibility to maintain safety of investors in the financial sector, the regulator has published a new warning against another FX broker, Lau Global Services Corp, also known as MXTrade.
MXTrade operates via https:// www.mxtrade.com while the financial watchdog noted that pursuant to the Investment Services and Activities and Regulated Markets Law, the firm is not authorized to provide investment services in the region, hence MXTrade gets CySEC warning. They also stated that this firm is not regulated by the commission.
Furthermore, they highlighted the following points against the broker:
- It has never been authorized by the Commission.
- Ιt is not a bank or a cooperative firm, established in the Republic and authorized to provide such services.
- No notification has been received by a competent authority of another member State, pursuant to sections 77 and 80 of the above mentioned Law.
A similar case
Hence, the Cyprus securities and exchange commission has noted that it is not advisable to deal with such an institution. A similar case is the license suspension of Asset Management Advisory Services Ltd, commonly abbreviated as AMASS. The firm has the license number No. 167/12. This decision was made in the commission’s meeting held on July 6, 2015.
The basis for this suspension is the fact that the company’s breach of the law has been seen to seriously jeopardize customer interests in the Company and distorting the proper functioning of the capital market.
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