Maltese Financial Services Authority Issues Public Warning Regarding Ukrainian Broker MMCIS

The Maltese Financial Services Authority (MFSA) today issued a public warning regarding '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 MMCIS Group,' saying the broker is "not licensed nor awaiting to be licensed by the MFSA, to provide any type of financial service including foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term."

In an official press statement, the MFSA said: "The MFSA warns the public to exercise extreme caution when dealing with this entity."

The warning comes on the heels of an array of speculation and conflicting reports as to the integrity and viability of the Ukrainian-based broker, offering its services internationally.

Last week, Forex Magnates published an article looking into the various allegations, rumours, reports and complaints that have recently bombarded MMCIS and other industry regulators and agencies. Claims and counter-claims have ensued with one senior MMCIS representative, Konstantin Kondakov, going as far as to deny he had ever founded the company or has anything to do with its operations.

With this latest regulatory set-back MMCIS is unlikely to be deterred. The firm's brand has been built on glitzy sponsorship and promotional events that have acted as a smokescreen concealing the inner workings of the company which have often been ambiguous and inefficient. The broker operates with confidence in several territories without suitable regulatory approval, so unless clients cease putting faith in MMCIS via recurring deposits, the Ukrainian trailblazer is likely to continue offering its services to a worldwide audience from offices in Kiev until further notice.