Unregulated Forex brokerage Kruger Exchange is the latest addition to the long warning list of the Financial Conduct Authority in the UK. The firm has been recognized as an unauthorized financial services provider.
According to the official warning the firm does not hold the proper license by the FCA for providing financial services to British traders and is operating outside the law.
Kruger Exchange is supposedly owned and operated by a Bulgarian company. We remind readers that Bulgaria is a member-state of the EU and Forex trading is dully integrated within the regulatory framework of the country following the ESMA guidelines. We read on the brokerage’s website – krugerexchange.com – that the company is focused primarily on crypto-currencies. The brokerage further provides traders with access to a web-based trading platform and extends them a generous leverage and on it we could see an impressive selection of crypto pairs.
However, according to the official warning issued by the British financial watchdog – the information regarding the regulatory status of the brokerage presented on the website is false and the firm is further suspected of being involved in investment scams.
The FCA has provided traders with a consumer helpline and urges anyone that has been “cold called” or targeted in any way by representatives of Kruger Exchange to reach them on 0800 111 6768. UK’s main financial regulator regularly updates its warning list and recommends traders always run a quick check on a brokerage on their online registry before investing funds with them.