Switzerland’s Financial Market Supervisory Authority (FINMA) has reported that it has put the forex broker TradingBanks into it its Warning List on March 1, 2016.
The forex broker website is http://www.tradingbanks.com, with company’s official address in Belize and before the company reported its official address at British Virgin Islands. As a first step, the International Financial Services Commission of Belize (IFSC) issued a warning agains the forex broker TradingBanks in December 2015, pointing out that it has no license in Belize to offer investment services.
But what is the connection to Switzerland? The company used a Swiss phone number on its contact page, what could be naturally misleading for clients, as well as providing investment services in Switzerland. FINMA added the forex broker to its Blacklist mostly on the grounds of these arguments, as the company has never got an authorization for its services in the Alpine’s country. So the broker was put under an investigation and after confirmation of suspicion, FINMA can proceed further with couple of steps, where also a closure of the company is.
Emerging Fintech boosted by SFC
Hong Kong’s Securities and Futures Commission (SFC) established a Fintech Contact Point on Monday, what is a dedicated channel to boost businesses, related to the development and application of financial technology in Hong Kong to engage with the SFC.
A Fintech Advisory Group has been also established by the SFC to watch all the possibilities to take advantage of the fintech, or the risks related ot it and regulatory implications of developments in connection with financial technology.
The SFC as a regulatory body, is monitoring automated trading systems; financial product investment and distribution platforms, including robo-advisors; financing platforms, including peer-to-peer lending and equity crowdfunding platforms; and distributed ledger technology, including the application of blockchain to licensed intermediaries, securities and capital markets mostly.
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