Financial Watchdog in Hong Kong Adds Two More Firms to Blacklist

The Securities and Futures Commission (SFC), an independent regulatory body in Hong Kong, has issued a warning against the suspicious activities of several unregistered entities, advising investors to abstain from doing business with these firms.

The two retail FX brokers, LFG (Asia) Limited and Apuro 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, have come under scrutiny by the watchdog for offering a variety of currency trading services without the required authorisation, according to an SFC statement.

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The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering trading in derivatives to Hong Kong investors require licensing and oversight from the SFC. Accordingly, the financial watchdog has been cracking down on unregulated and unauthorised firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.

The SFC’s latest addition to its warning list is Apuro Forex which operates from the site https://www.apuroforex.com. A brief review of the ApuroFX’s website reveals that it offers investment services on a wide range of financial instruments including forex, CFDs and commodities. In addition, the SFC said that the company uses a Hong Kong bank account in the name of Apuro Holdings Limited for Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, which is associated with Apuro Holdings Limited, another unlicensed entity on the Alert List.

Moreover, it the group does not maintain any address in Hong Kong, nor is it located there in any capacity. Consequently, investors, market participants, and individuals are urged to refrain from conducting any business or engaging in any activity with the group.

The SFC is a watchdog organization that helps inform investors, bringing to light a plethora of illicit operations and unregulated entities that market participants should abstain from doing business with. The regulatory authority also helps police the country’s securities and futures markets.

The alert is provided as an early warning service to investors, but not as a substitute for clients doing their own due diligence on the entity in question.