June 15, AtoZForex - The Securities and Futures commission (SFC), is Hong Kong’s financial regulator. The objectives of the independent statutory body is to police Hong Kong’s domestic financial markets. Such as protecting its residents from being targeted by unauthorized brokers. In relation to this matter, a SFC warning against FXUM (Union Markets Limited) and Momentum got issued today.
Momentum FX unauthorized activities
Momentum FX, or also commonly known as Momentum Management Limited, is an online Forex broker which falsely claims to be located in Hong Kong. The unauthorized broker has been added to Hong Kong watchdog’s blacklist on the 2nd of June 2016. The official website of the broker currently is offered for sale.
SFC also highlights that often an unregistered company uses a similar name to a legitimate firm. All for the purpose to confuse the investors.
Reasons for SFC warning against FXUM
Union markets Limited, also known as FXUM, was added to the alert list of SFC just today. The firm is also correlated with Singloworld HK Pte Limited, another red-flagged broker. Last year, New Zealand’s Financial Markets Authority (FMA) also added Union Markets Limited to its list of Unregistered Businesses.
At the time, the FMA noted that on the website of FXUM, the firm claimed to be ‘registered in New Zealand since 2009’. After a brief investigation, the FMA clarified that this statement was false. It is also obvious that this firm targets Chinese clients as well, considering the fact that FXUM's website also supported Chinese.
As the SFC warning against FXUM and Momentum FX got issued today, two other brokers were also added to the alert list of the Hong Kong regulator. Once again, the Securities and Futures commission warns the public to always double check a financial firm in the registry of the SFC or consult their exhaustive warning list.
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