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Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019
By
Jonathan Smith

 

Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme.

 

In its notice Dukascopy states that GCG Asia and its CEO Yaw Foo Hoe are using Dukascopy's name and logo without Dukascopy Bank's permission, and try to mislead investors that Dukascopy Bank is their liquidity provider or bank, which has never been true.

 

It seems that GCG Asia makes a lot of false claims in order to attract clients. Apart from the alleged collaboration with Dukascopy, this shady brokerage also claims to be regulated by Switzerland’s financial markets and services regulator FINMA, and to provide Negative balance protection, as well as client fund insurance of €2.5million. In fact, FINMA has blacklisted GCG Asia for conducting unauthorized activities in the country. So, this broker is not regulated and is most likely involved in fraudulent practices.

 

Founded in 2004, Dukascopy Bank is a Swiss online bank based in Geneva, Switzerland, providing online trading services, banking and other financial services through proprietary technological solutions. The broker has a EU subsidiary, as well as a Japan-based unit. In addition to its Geneva Headquarters, Dukascopy Bank has offices in Zürich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong.

 

TAGS: Dukascopy  Guardian Capital Asia  GCG Asia  warning  scam 

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