Stella Markets is Operating Without a Licence, Austria’s FMA Warns

The Austrian financial regulator, the Financial Market Authority (FMA) announced on the weekend that another firm operating in the cryptocurrency and 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) space has come up on its radar - Stella Markets.

According to the warning, Stella Markets, which operates via https://stellamarkets.com, “is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 BWG).”

Taking a look at its website, Stella Markets claims to be an online trading provider of 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, FX, commodities, stocks, equities and metals. It also states that it is “unrivaled” in the financial trading market by a “distant margin.”

The entity is part of the Goldstone Group Ltd and is based in the St. Vincent & the Grenadines, according to the warning published on Saturday.

FMA Flags Carter Financial Services

The warning against Stella Markets follows on from the Austrian watchdog flagging Carter Financial Services as suspicious on Friday, as the entity is operating in the country without the proper authority.

Via its warning, the regulator provided the following URL as attached the entity – www.carterfs.com. Following this address, one is taken to a company which claims to offer trading in a variety of assets – FX, commodities, stocks, indices and more.

On its website, the entity states its vision as: “CarterFS was established as a way for traders to invest in Forex on a platform that is easy to use. It is our goal to make the trading process as simple and profitable as possible.

“Your success is a testament of our commitment to any investor who chooses to trade with CarterFS. That is why we strive to provide you with an expanding asset selection, dedicated support and personal assistance.”