Australia’s regulator, the Australian Securities and Investments Commission (ASIC) has put Market City International, operating under the brand Brokers500 on its warning list.
According to the watchdog, the company falsely claims it is holding an Australian financial services licence (License No. V0046651). The provided number corresponds to “Market City”, a business name of the Perth Market Authority – an agency in Western Australia that has no connection whatsoever with Market City International, which provides a business address in the UK.
The ASIC warns the potential investors that the regulatory information, provided on the Brokers500 website is misleading and anyone who signs up for a live trading account may suffer detriment as a result of that.
In the beginning of February France’s watchdog, the Autorite des Marches Financiers (AMF), also warned of Market City International and its website Brokers500.com. In its publication the AMF noted the company does not have a license to operate as a financial services provider in France.