Trading Banks, the Forex and CFDs service provider, is blacklisted by another regulator. As SFC warning against Trading Banks published this morning, we reach out to the firm’s officials. Why was Trading Banks red flagged?
Trading Banks red flagged by SFC
Trading banks operates online via the website http://www.tradingbanks.com. The company claims on its website that:
“Trading Banks 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.”
Hong Kong watchdog warned the public today that the Trading Banks is operating as the unlicensed entity and is believed to have targeted investors. The company is offering a range of trading services including Forex, CFDs and metal trading. The Trading Banks is located at Gorg Borg Oliver St, Suite 4, Number 62/63, Morina Court St. Julians, Malta. As it is reported by the regulator:
“The company represents that it is a brand owned and operated by Grizzly Limited. It uses a bank account in Hong Kong in the name of Unit Group (HK) Limited for settlement.”
AtoZForex reached out to Trading Banks’ officials and currently is waiting for te response. We will update you as soon as we will get the information.
Previous warnings against Trading Banks
Trading Banks’ official website also includes the information regarding its non-authorization across Malta. The small print on the home page states:
“TradingBanks and Grizzly limited are not licensed or authorized by the MFSA to provide any investment or other financial services in or from Malta, which are required to be licensed or authorized under Maltese law.”
It is not the first time Trading Banks is appearing in the warning list of the regulators. The SFC warning follows the alert against Trading Banks from the Financial Markets Authority (FINMA), Switzerland’s foremost financial regulator earlier this year.
Also, the International Financial Services Commission of Belize (IFSC) included Trading Banks in its alert list. Adding to the multiple regulators warn against Trading Banks, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB), also had a public warning against Trading Banks.
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