ASIC Flags Three Unregulated FX Firms Including Fibonetix

The Australian Securities and Investments Commission (ASIC) has finished the week by updating its warning list, alerting the public to four entities operating without authorization, three of which are claiming to provide foreign exchange (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.

This Friday, the Australian regulator has singled out GG Capital Group Limited (trading as BlueLexus), UCI-Limited, and Fibonetix. The watchdog also flagged Hertford Group Hong Kong. However, it is not clear what this entity offers as its website appears to no longer be available.

In each of the three warnings, ASIC states: “ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”

UCI-Limited claims to be an online investment company “that aims in providing transparent and quality trading services around the world to cater different clients around the globe,” its website (https://uci-limited.com/) states.

BlueLexus (https://www.bluelexus.com/) and Fibonetix (https://fibonetix.com/) also claim to be trading providers of a range of assets - forex, stocks, commodities, indices, and more.

ASIC is not the first to warn against Fibonetix

ASIC is not the first regulator to warn against Fibonetix. As Finance Magnates reported, earlier this year, the agency responsible for the financial regulation in Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF), for operating in the country without having that proper authority.

Specifically, the CSSF warned against Zeus Tech & Trading Group Ltd, which operates via www.fibonetix.com back in July of this year.

“The CSSF informs the public that an entity named Zeus Tech & Trading Group Ltd is not known to it and has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg,” the statement at the time said.