The Financial Conduct Authority (FCA) has expanded its warning list in the past week, issuing warnings against 44 trading and investment platforms that engage in unauthorized operations against UK residents. According to Finance Magnates' inspection, some platforms claim to offer opportunities for managing investment portfolios in foreign exchange trading FX, CFD contracts for differences, stocks, and cryptocurrencies.
On the other hand, the Financial Market Authority (FMA) of New Zealand issued warnings on two unregistered companies on Monday (today), including online trading platforms, market radar, and Rolvi Trade. Even on Monday alone, the FCA marked five such illegal trading and investment platforms: Infinite Prime, Fxcyclitrader Financial, Octus Global Limited, Infinity Miners, and GlobalGiant Asset.
Among the remaining 39 unregistered platforms blacklisted by the FCA, regulatory authorities have determined that two of them are clones of officially authorized financial service providers in the country. The confirmed cloning companies are Steban Holdings Limited and Capital Finances Limited, and regulatory authorities claim that they impersonate the registered companies Roy Persaud and Capital Finance Management Limited, respectively.
Other illegal trading and investment platforms flagged by UK regulatory authorities include Crystaearn, Vtz Capital, Acct Mining, Wisdom Finance, Blockchain Minners Limited, Trademarketspro, Coinsflux Limited, and DenoxFundz. Also includes: Wealth Gecko, At-agora.com, Iva Informer, Bitbinx, 4X.FM, Multixinhome, Nexon Groups, Cryptofinance.guru, SSC Investment, Pompom Global, FinansysFX, Trustyswap, and Cryptosphere.
In addition, FCA has labeled UnicornFX, Sterlingequityholdings.com, Elite Share Broker, Evo Cryptos, Optionfinmax, AlgoForex, Swiffbit, and EJ Profit. It also adds Vertex Digital, Gulfshore Trading, Fchain Network, Max FX Global, Proton Live Trading, The Golden coining/Phonix FXtrade, Zenith Experts, and Infinit Trades to its warning list.
These platforms have joined the expanding list of unauthorized trading and investment companies marked by the FCA this year. Regulatory authorities have recently blacklisted 26 illegal trading and investment platforms operating in the country or targeting British citizens.
Meanwhile, FMA pointed out that although Market Radar provides unregistered cryptocurrency, foreign exchange, and contract for difference transactions, Rolvi Trade provides cryptocurrency products and services to users in the country without authorization.
FMA stated, "We are concerned that the Marketsradar.io website may be engaging in fraud." "We have received reports that people are unable to recover funds paid to the website
In addition, New Zealand regulatory authorities have pointed out that clients have also found it difficult to withdraw funds from Rolvi Trade. It describes the platform as an "unregistered potential pyramid plan".
Rolvi Trade is located overseas, but it does not seem to be regulated by any overseas regulatory agencies, "FMA said.
