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Spain’s CNMV warns of IronFX, LiteForex sites with Catalonia extensions

Spain’s financial markets and services regulator CNMV issued a warning against two sites with a .cat (Catalonia) extension: forex.cat and forextrading.cat.

 

In its publication CNMV notes that these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services.

 

Our check revealed that the forex.cat site is associated with the forex broker IronFX, but is not operating as a broker site. Actually, the forex.cat site looks rather dubious.

 

IronFX is properly licensed by a number national regulators, including UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC), as well as by South Africa’s FSB and several others. The FCA and CySEC regulation means that the broker can offer its services in all EU member states without explicit registration by the respective local regulators.

 

The forextrading.cat site redirects to the Spanish version of the site of the offshore forex broker LiteForex, liteforex.es. LiteForex is based in the offshore zone Marshall Islands, but the broker has a European subsidiary - Liteforex (Europe) Ltd., which is regulated by CySEC. Same as with IronFX, LiteForex can provide its services throughout the EU on the back of its Cyprus license.

 

It is not clear what has prompted CNMV to issue a warning against the two .cat sites. Perhaps it did not research the matter properly, or perhaps the regulator’s reaction is part of the official Spanish position on Catalonia’s independence bid. In September 2017 a Spanish court ordered that all .cat domain names that are being used by the intended Catalan independence referendum shall be taken down. Subsequently, some Catalan Government websites including president.cat, govern.cat and catalangovernment.eu were taken down due to the current political crisis in Catalonia and due to the take over of authority by the Government of Spain.

 

Either way, the .cat domain is officially recognized by ICANN as a sponsored top-level domain intended to be used to highlight the Catalan language and culture. It is approved in 2005.

 

In any case, we always advise our readers to do a proper research of the broker they are intending to invest with, before actually transferring any money. 

 

 

TAGS: spain  cnmv  ironfx  liteforex 
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