ASIC Warns against 10 Unlicensed Firms

The Australian Securities and Investments Commission (ASIC) has issued a warning involving several Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and wealth management companies. The regulatory authority strongly advises against dealing with these entities, as they are not authorized to operate in Australia.

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The unlicensed companies are: 72Option, Spencer Capital Partners, Eduard Steinbach PLC, Royal State Global Financial Solutions, Wealth Management Group Ltd, a London Capital Group Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term company (https://londoncgroup.com/), BBB Markets, Abridge Enterprises, IvoryOption, and Standard Fidelity Ltd.

The Australian financial watchdog alleges that these firms have been contacting traders in Australia and offering finance related services despite their not being licensed. It should be noted that the London Capital Group in question is not the original, regulated firm but a clone attempting to fool clients.

Due to these companies not having received either an Australian Credit license nor an Australian Financial Services (AFS) license, which are both issued by ASIC, the regulator expressed its concern that they might be involved in or running scam operations.

For some of these online trading companies, this is not the first time they have been warned against by the Australian regulatory body. Both the London Capital Group clone and 72Option starred in previous warnings from the regulator only a few weeks ago. ASIC had strongly advised against opening and funding accounts or trading with these two entities in its original warnings, but it is possible that this did not deter the firms from operating.