29 December, AtoZForex.com, Amsterdam — In a recent announcement the Turkish financial regulator made aware that CMB blocks MXTrade website. Resultantly, the Turkish Internet users are not able to access the website of forex broker MXTrade at the moment. The decision of Turkey’s Capital Markets Board (CMB) to block the forex broker, follows the investigation of the authority into MXTrade. Revealing that the brokerage does not possess over a local license, while MXTrade has been alleged for soliciting investors in Turkey. Hence, the Turkish regulator CMB blocks MXTrade website with immediate effect.
MXTrade is only IFSC licensed
The forex brand name MXTrade is operated and owned by the financial services firm Lau Global Services Corporation, which provides trading services of securities, financial as well as commodity-based derivative instruments. The company is licensed through the Belizean International Financial Services Commission (IFSC) and holds the registration number IFSC/60/402/TS/15. Yet, MXTrade lacks the rightful authorization to attract Turkish or EU investors.
According to the website of MXTrade, the leading online forex brokerage provides online trading services for the retail as well as for institutional investors. Offering a secure trading environment with clients' funds deposited in segregated bank accounts.
Earlier CySEC and CONSOB warnings
Relating back to the case of MXTrade and the Turkish financial regulator CMB, it demonstrates that Turkey is one of the most regimented forex markets globally. As CMB blocks MXTrade website, the online forex broker actually received earlier warnings and penalties from other European financial regulators.
One of which is the issued C warning against MXTrade from the Cyprus Securities and Exchange Commission (CySEC) on the 9th of September this year. Yet, a month prior the CySEC warning on MXTrade, the Italian financial regulator Commissione Nazionale per le Società e la Borsa (CONSOB) already issued a similar CONSOB warning on the forex broker.
For these two warning cases of CySEC and CONSOB, MXTrade was found targeting investors in Cyprus and Italy, while not possessing over the rightful license to execute its activities in these jurisdictions. Hence, all investors are warned to avoid contact or to have any dealings with MXTrade.
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