Continuing its campaign in regards to the unregulated entities that misuse data of legitimate businesses, New Zealand FMA warns about MahiFX clone. The regulator also warned investors about the website that purports to present itself as Lan’s Enterprise Limited. What do we know about these companies?
21 March, AtoZForex – The key financial regulator of the New Zealand markets, the New Zealand Financial Markets Authority (FMA) has warned investors’ community against two clone websites that are misrepresenting information online.
New Zealand FMA warns about MahiFX clone
According to the FMA, the two websites are attempting to represent regulated entities, while one of the venues purporting to pose as MahiFX, with another one falsely representing itself as Lan’s Enterprise Limited. The New Zealand regulator has added these websites to its warning list as online entities that are misrepresenting themselves in a bid to deceive clients into sending the funds to them.
The move from the FMA comes as a part of the massive campaign in regards to the unregulated entities that misuse data of legitimate businesses. It is known that both websites have been targeting Chinese consumers, as many victims of the online fraud based in China do not check whether they have been approached by a legitimate business.
In regards to the MahiFX clone website, the FMA has stated:
“The FMA recommends exercising caution before dealing with website www.mahi-fx.com. Mahi-FX is not a New Zealand registered company and are not associated with, nor an authorised representative of, MahiFX Limited.”
We have reached out to the genuine MahiFX firm's representatives in order to get insights into the case. We have received the following response:
"We are deeply concerned that our trading platform has so brazenly been cloned with the aim to defraud innocent people. We are taking this incident very seriously and we are doing everything in our power to have the site taken down as soon as possible. We warn all traders to carry out their own due diligence before depositing funds with any platform. "
Lan’s Enterprise Limited Clone
Following on this, the New Zealand FMA has also stated in its official announcement:
“The FMA recommends exercising caution before dealing with the website www.lansforex.com. This website is not operated by nor associated with the Lan’s Enterprise Limited, and it is displaying Lan’s Enterprise Limited’s company and FSPR registration details without authority.”
The New Zealand financial watchdog further states that Lans-FX has no registration, license, or authorization by the FMA or any other branch of the New Zealand government. The regulator also noted that this entity is not supervised by any of the abovementioned authorities, thus, it is not recommended to deal with this firm.
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