The Securities Commission (SC) of Malaysia updated its database of blacklisted FX and investment companies/websites. The Malaysian watchdog urged users to avoid these websites for the main reason that none of these are regulated in the country, not anywhere else. Some of the newcomers in the updated list now include two illicit clone firms of otherwise respectable and renowned brokers, namely OctaFX and FXTM.
The overseer further warned traders to be vigilant for other websites, those that have yet to be included in the list. The Securities Commission warns that many scammers will try to convince users that they (the fraudsters) are regulated by the Malaysian commission.
Here is the list of newly added entities, updated as of February 2nd.
- Futu Inc
- FP Market Trading Malaysia
- Xsocio Markets
- Al Maju General Trading Co/Syarikat Al-Maju Trading
- Morood Investment Limited
- Ettijah Investment
- OctaFxPower Ltd
- HXFX Global
The SC advises its citizens not to make usage of the services of such or similar so-called brokerages, that are not approved by the commission and are definitely scams!
The watchdog warns that those caught engaging in unregulated activities are committing an offense under the Capital Markets and Services Act 2007, and can be convicted and sent to jail for up to 10 years.