FSC Mauritius Announces Termination of Pure North Markets’ Broker License

Wednesday, 27/03/2024 | 13:35 GMT by Tareq Sikder

The decision, in line with the Financial Services Act, became effective on March 18, 2024.

Recently, the regulator cautioned against several unlicensed entities.

The Financial Services Commission (FSC) of Mauritius has officially announced the surrender and termination of the Investment Dealer (Broker) License held by Pure North Markets Ltd. This decision, made in accordance with the Financial Services Act, has come into effect from 18th March 2024.

Voluntary Surrender: Pure North Markets Relinquishes Broker License

Pure North Markets voluntarily surrendered its Broker License bearing License No: GB21026474. Consequently, the public is notified of the termination of Pure North Markets Ltd's license. Members of the public who require further information regarding this matter are encouraged to contact the Financial Services Commission directly.

Earlier, the FSC issued a warning to investors regarding Conventus Group. The commission stated that Conventus falsely asserted local registration without proper licensing from the commission or any other regulatory authority. Additionally, Conventus was deceitfully claiming to possess a trading license for financial and commodity-based derivative instruments and other securities. The FSC highlighted that Conventus displayed a forged certificate of incorporation on its website, falsely indicating incorporation in Mauritius.

Warning by FSC against Unlicensed Entities

The FSC issued a warning regarding FX Future, which falsely asserted authorization by impersonating the license of another entity, Benor Capital Ltd. The FSC clarified that Benor Capital Ltd has no association with FX Future and emphasized that FX Future, along with any individuals or groups operating under its name, is not licensed or regulated by the FSC. The FSC has advised caution when dealing with FX Future.

Previously, the regulator cautioned against Match CFD for falsely claiming to possess a full broker-dealer license. Match CFD offered trading services with CFD instruments and primarily has targeted Arab-speaking traders, as its website is solely in Arabic. The FSC clarified that Match CFD, along with any associated individuals or groups, has never been licensed or regulated by the FSC. The regulator has urged the public to exercise caution when engaging with Match CFD or any entities purportedly claiming FSC licensure.