Securities Commission Malaysia Warns Against Clone-Firm and Other Unregulated Entities

Securities Commission Malaysia Warns Against Clone-Firm and Other Unregulated Entities

The Malaysian financial regulator just blacklisted a number of forex investment websites, including a blatant clone firm of the world-famous Admiral Markets brokerage, a firm regulated by some of the most prominent FX overseers in the industry. None of these firms are authorized to legally operate in the country.

Admiral Markets holds a license from one of the most prestigious regulators around, namely the FCA. Furthermore, the broker also holds a license from the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These regulations allow Admiral Markets to offer cross-border financial services across the Europen Economic Area (EEA). Yet, these regulations also mean that the broker cannot offer services in Malaysia.

The Securities Commission Malaysia reflagged a number of different firms, alongside the Admiral Markets clone. These scammer firms are Pocket Option, Syarikat Tiens Syariah, HM Wealth Management, and Forex Islamic Account. The regulatory commission advises all not to invest or deal with unregulated firms.

Those firms engaging in unverified or unlicensed trading activities, without possessing a Securities Commission authorization, will be committing an offense as per the Capital Markets and Services Act 2007. Such entities may face hefty fines and up to ten years in prison.

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