FCA Flags Capital Tech, Continues Crack Down on FX Scams

It’s not even lunchtime and a second regulator has updated its scam list this Thursday, as the Financial Conduct Authority (FCA) has published a warning on its website against Capital Tech Limited and its brand PBN Capital.

According to the warning, the regulator believes that Capital Tech Limited: “has been providing financial services or products in the UK without our authorisation… This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

The British watchdog provides the following details for the entity:

Address: Ajeltake Road, Ajeltake Island, Majuro Republic, Marshall Islands

Telephone: +41435500292

Email: support@pbncapital.com, contact@pbncapital.com

Website: https://pbncapital.com

Following the URL provided, you are taken to the website of PBN Capital. On its “About” page, the entity claims to specialize in 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) and contracts-for-differences (CFDs) for equities, precious metals, energy, and indices.

“We work with both retail and institutional traders, ensuring one-of-a-kind service to our clients around the globe. We understand that for a Forex trader to succeed he needs to have low spreads and fast execution and that is what we focus on first and foremost,” the website states.

According to the website, users are able to trade the assets through the MetaTrader 4 platform, which is available via mobile, desktop, web and for Mac OS devices.

FCA and CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term Continue to Look Out for FX Scams

One interesting detail is that when calling the number provided, you are directed to a voicemail for Capital Tech. This is the same voicemail you are directed to when trying to get in contact with Go Capital FX (gocapitalfx.com).

Earlier today, as Finance Magnates reported, the Cyprus Securities and Exchange Commission (CySEC) has posted a warning on its website, against the alleged FX and CFD trading provider.

It is not clear if and how the entities are linked. Finance Magnates has reached out for comment from both Go Capital FX and PBN Capital/Capital Tech, but as of the time of publishing, we have not yet received a response.