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Switzerland's FINMA warns against CCX Markets

Aug 26 2019
By
Jonathan Smith

 

Switzerland’s financial markets and services regulator FINMA warned against unregulated broker CCX Markets previous week. The Swiss financial watchdog stated that the broker is not entered in commercial register, despite claiming to be based in the country.

 

CCX Markets is allegedly owned and operated by Online Media Solutions Ltd., a company is registered offshore, on Saint Vincent and the Grenadines (SVG). The Financial Services Authority of this offshore zone has explicitly stated that it does not license, nor oversee forex brokers registered on the SVG.

 

The lack of regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients’ funds. Also, brokers that don’t hold a legit forex license are not entitled to operate on any regulated financial market, such as Switzerland, the EU, US, Canada, Japan, etc.

 

FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location. It even maintains an updated list of companies that might be operating without a license. If FINMA’s investigation shows that a company is indeed providing unauthorized services, the regulator can initiate enforcement proceedings and impose penalty measures, including closing the company down.

 

TAGS: FINMA  CCX Markets  warning  scam  Switzerland 
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