What is the reason for UTmarkets Bulgaria FSC investigation?


A year ago the UK regulator warned investors against the retail forex broker UTmarkets. Now the Bulgarian regulator reported that it started examining the company as well. What is the reason for UTmarkets Bulgaria FSC investigation?

6 October, AtoZForex – The Bulgarian Regulator, Financial Supervision Commission (FSC), has alerted investors against using services offered by UT Markets and entities related to it – CFD Global Ltd., STP Marketing Ltd., and T-Marketing Ltd. As the brokerage is not authorized by the Bulgarian regulator.

According to UTMarkets’ website, http://www.utmarkets.com/, the company is a brokerage offering trading forex and commodities trading services. The company was established back in 2013. On its website, the brokerage does not identify any regulatory authority under which its regulated or authorized. UTMarkets only state that they are regulated neither by the Financial Conduct Authority (FCA) nor by the FSC.

The reasons for UTmarkets Bulgaria FSC investigation

The Bulgarian regulator has received many complaints related to the brokerage from investors. Considering it and that UTMarkets is not regulated by the FSA, the regulator has started investigating the activities in the Republic of Bulgaria performed by UTMarkets and the entities connected with this platform. Within the framework of the investigation, there is no confiscated cash or blocked bank accounts of individuals examined by the FSC.

Furthermore, the regulator does not forbid people connected to UTMarkets, CFD Global Ltd, STP Marketing Ltd. and T-Marketing Ltd. to return money to their counterparts.

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Due to it, the FSC points out that the launched investigation only attempts to find out if denoted companies are involved in the unlawful activity on the territory of the Republic of Bulgaria or have violated the Markets and Financial Instruments Act. Consequently, the activity undertaken by the FSC can’t be used as a justification for a refusal on behalf of UTMarkets, CFD Global Ltd., STP Marketing Ltd., and T-Marketing Ltd. to return money to damaged individuals.

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