Hong Kong’s SFC warns against forex websites fxglobal1.com, lianhepme.com

Hong Kong’s SFC warns against forex websites fxglobal1.com, lianhepme.com

Hong Kong’s Securities and Futures Commission (SFC) included earlier this week www.fxglobal1.com, operated by FXGlobal1 by Expert Capital Ventures Ltd., to its Alert List for providing financial services unlicensed, as well as www.lianhepme.com for seeming suspicious. 

The regukator warned that Lianhepme is not associated with Wing Fung Securities Ltd., Wing Fung Futures Ltd., nor Wing Fung Forex Ltd., all of which are genuine entities licensed by the SFC. The website claims to be associated with Wing Fung Financial Group.

Also. FXGlobal1 uses a Hong Kong-based bank account for settlement in in the name of Expert Capital Ventures. According to its website, FCGlobal1 offers forex trading services to institutional and retail clients and offers solutions for introducing brokers (IBs) and white label partners.

Unlicensed entities are forbidden to offer investment services to Hong Kong citizens without being authorized and licensed by the local relevant authorities. The regulator noted that unlicensed and suspicious websites often use names similar to legitimate entities and their details to confuse investors.

The SFC warns that by engaging with unlicensed entities, traders put their investments at risk as they probably are not protected under the regulator’s framework. Traders can check whether a company is under the SFC’s regulation by looking it up in the watchdog’s Public Register of Licensed Persons and Registered Institutions.

The SFC is in charge of the licensing and supervision of financial intermediaries that operate on the Hong Kong market. We strongly advise you to only deal with regulated forex brokers, authorised by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: SFC

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