April 16, 2019 | AtoZ Markets - The Financial Conduct Authority in the UK (FCA) has issued a warning against the Forex broker 4XFX.
The FCA announced that the broker has been “providing financial services or products in the UK without our authorisation.”
Owned and operated by GRF EUROPE OU, Potsdamer Strasse 180, Berlin 10783, Germany, 4XFX operates in trading assets like securities, derivatives, cryptocurrencies, precious metals, and other commodities and shares.
The FCA mentioned also that 4XFX’s address was registered as Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K397, 10119, Estonia, while reviewing the broker’s profile did not prove they were regulated by the Estonian financial authorities as well.
Other regulators blacklisted 4XFX too!
Before the FCA today, 4XFX had also been blacklisted by the Australian Securities and Investment Commission ASIC, where the latter said last January that 4XFX made “unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”, as per media resources.
The Forex market witnessed much of scam incidents recently, where not far from today, the Polish police announced on their official website, early this month, that they arrested 11 people, against the background of a Forex scam case, amid news of ties and collaboration with scammers in Cyprus.
The police carried out a raid on the offices of the brokers in question, and confiscated properties that included documents, computers and data carriers.
The fraudulent company, as per the police documentation, claimed at the time up to 2 million zloty ($520,000) in scam from investors, amid news of a success the police made in recovering some of the funds during their raid on the offices.
In a connected news, the German Federal Financial Supervision Authority (BaFin), flagged last January Top Algo Trade, that was practicing the business without an authorisation.