Luxembourg’s CSSF Warns Against Unregulated FX & Crypto Entity

The agency responsible for the financial regulation in Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF), has published a warning on its website on Friday against an entity named Zeus Tech & Trading Group Ltd.

According to the warning, Zeus Tech & Trading Group Ltd operates via www.fibonetix.com and claims to be established at 59, Boulevard Royal, Luxembourg City, Luxembourg District.

“The CSSF informs the public that an entity named Zeus Tech & Trading Group Ltd is not known to it and has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg,” the statement said.

Taking a look at the website, Fibonetix claims to be an online trading provider of contracts-for-differences (CFDs), 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), 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, commodities, indices, stocks and exchange-traded funds (ETFs).

“The primary focus is on our clients – traders’ needs are in the heart of our operations. Our purpose is to remain among the industry leaders and endure our reputation as an accountable and safe broker,” the entity states.

On its contact page, the company provides three phone numbers - one from Germany, the United Kingdom and one from Luxembourg. It states, “Fibonetix is owned and operated by Greentime Systems Kft, Honved utca 8. I. 2. Budapest, 1054 Hungary.”

CSSF warns of S&P Broker

The warning on Friday follows on from the CSSF recently flagging an entity by the name of S&P Broker. As Finance Magnates reported, the Luxembourg regulator said last month that the entity is an unknown company and that it has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg.

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 and forex space.