Belgium’s FSMA warns against Kuvera scam

Belgium’s FSMA warns against Kuvera scam

Unregulated Forex brokerage Kuvera has been blacklisted by the regulatory authority in Belgium The country’s main financial regulatory suspects them being involved in scam operations.

According to a statement posted by the Finance and Markets Authority in Belgium, “Kuvera is not, however, authorized to offer financial services and products in Belgium. Moreover, the system proposed by Kuvera exhibits features characteristic of a pyramid scheme.” We further point out that both th  French supervisory authority the Autorité des marchés financiers and Spain’s Comisión Nacional del Mercado de Valores (CNMV) have also issued warning against the scam operation that appears to be targeting mostly young people through its website

The FSMA has always advised traders to only do business with legitimate firms that hold the proper license. Traders may always check the regulatory status of a given company by going on the online registry of the Austrian financial watchdog and typing out the name of the company. Another good idea is simply googling the name of the company and reading reviews from ex-clients of the brokerage, as well as from professional Forex bloggers.


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