The Hong Kong financial markets regulator, the Securities and Futures Commission (SFC), issued warnings today against three related entities. The firms in question seem to have allegedly operated in the Chinese territory without the appropriate license.
The watchdog says that Triumph Global (Asia) Limited and its brand TFX Global supply a Hong Kong address but they are in fact not located there. Triumph FX is managed by Triumph International Limited and was registered and formed in 2009 in the British Virgin Island (BVI).
On its website, the firm claims to have a global headquarters of administration in BVI and a "main tehcnical [sic] support team in London, UK." It offers binary options, FX and CFDs without displaying any British or BVI license.
The SFC also warns today against Singliworld HK Pte Limited which uses a bank account in Hong Kong in the name of Triumph Global (Asia) Limited for Settlement . According to the TFX Global website, Singliworld has been a partner of the broker since 2014. The Singapore-based Singliworld offers FX account management services to clients all over Asia, apparently without any license.
The SFC routinely warns individuals to avoid disclosing personal information to questionable entities as it can be used later for further misconduct.
Checking regulatory websites is the primary methodology to prevent clients from dealing with a fraudulent entity. In addition, any deals that simply sound to too good to be true, are most likely not true. Clone websites are relatively easy to manufacture and inexperienced users can easily fall into the trap of entrusting their funds to an unknown and fraudulent entity.
