Luxembourg’s CSSF Labels S&P Broker as “Unknown” Entity

The Commission de Surveillance du Secteur Financier (CSSF), the agency responsible for the financial regulation in Luxembourg, has published a warning on its website this Friday against an entity named S&P Broker.

According to the warning from the regulator, S&P Broker is an unknown company and “the entity has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg,” the statement said.

S&P Broker, which operates via the following URL https://snpbroker.io, states on its website that it is a broker that facilitates trading in multiple assets such as foreign exchange (forex), stocks, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, futures, indices, and commodities.

Trading is available via the MetaTrader 4 platform, online or via the company’s own Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term - the Status Platform, the website states. According to the CSSF, the entity claims to be based at 2 rue Edward Steichen, 2540 Luxembourg.

CySEC Flags Smartoptionfx

Financial regulators across the globe have their hands full when trying to detect and identify scams. This is because there is an increasing number of them, particularly in the cryptocurrency space.

Already today, the Cyprus Securities and Exchange Commission (CySEC) published a warning, alerting investors that the website smartoptionfx.com belongs to an entity which is not regulated or authorized by the Cypriot regulator to provide investment services and/or the performance of investment activities.

Smartoptionfx appears to be a clone firm, as it references the name and license number of the former Cyprus Investment Firm B.O. Tradefinancials Ltd (BOT). However, BOT, part of the TechFinancials Group, has not been operational since February of 2018 and returned its CySEC license, as Finance Magnates reported.

Therefore, the unauthorized entity’s claim that it is connected to BOT and that it is regulated by the now non-operational firm’s license is false, as the license is simply no longer active. Based on the information provided, it appears that smartoptionfx.com is a clone firm.