Capital Markets Banc Exposed by FCA for Unauthorized Client Solicitation

The Financial Conduct Authority (FCA), the UK financial regulator, has issued a warning about Capital Markets Banc, an online entity claiming to provide binary options and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading.

The website of the entity purports that the headquarters of Capital Markets Banc are in the United Kingdom. The firm has been operating in the country without the mandatory license by the regulator.

Information on the website shows that the companies behind the operation are Joshua Consulting LTD and Joshua Development Limited. A registration number with an address pointing to the island of Dominica is also listed.

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Capital Markets Banc is being accused of illicitly targeting clients in the UK, thus violating the law. The FCA doesn't provide any information about the conduct of the brokerage.

The regulatory authority advises UK residents to only do business with online trading companies that have been authorized and licensed by the FCA. The warning outlines that all financial services providers must be licensed by the watchdog, without exception.

The UK watchdog continues to expose unauthorized brokers targeting clients in the UK.

Yesterday the FCA issued a warning regarding a clone website which is purporting to be Blackrock Asset Management UK Limited. The copycat has changed few details, identifying itself by a near identical brand name, url, and office address.

Last week, the FCA published other such announcements, warning against MRTmarkets and StoxMarkets for approaching traders residing in the UK without being authorized to do so.