Hong Kong SFC Adds XTrade to Alert List, Brokerage Denies any Wrongdoing

The Securities and Futures Commission (SFC), the regulatory authority supervising financial market services providers in Hong Kong, has issued a warning for citizens residing in the special administrative region of China that XTrade has been targeting clients in its jurisdiction.

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The warning was issued today with the firm’s name appearing on the official 'Alert List' compiled by the SFC. The list is comprised of entities which the Hong Kong regulator has outlined as unlicensed in Hong Kong and are “believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.”

XTrade South Africa Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term

Commenting to Finance Magnates on the matter, the Chief Operation Officer of XTrade, Mark Leigh, said: “Xtrade is not targeting investors in Hong Kong. We adhere to regional licensing laws and have never attempted to target investors outside of the jurisdictions in which we are licensed and regulated.”

“As a result, we received just yesterday an operating license from the Financial Services Board of the Republic of South Africa. We trust that the Hong Kong SFC will remove the alert and contact us about resolving this matter.”

XTrade has become the third 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 CFDs brokerage that recently acquires a license to operate in South Africa. Back in June and August, Cyprus based HotForex and FXTM acquired licenses to expand into the same lucrative market, with the country and the continent as a whole experiencing rapid growth in population and internet use.