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Thai SEC warns against FXtrading Corporation

Aug 28 2019
By
Jonathan Smith

 

The Thai Securities and Exchanges Commission (SEC) warned the public against FXtrading Corporation - a new cryptocurrency scam targeting local investors. As reported by the Bangkok Post, the fraudster poses as a legitimate digital currency trading platform operating from overseas.

 

The SEC further reminded the public that it has only authorized three companies to offer trading in digital assets - Satang Corporation, Bitcoin Co. and Bitkub Online, as well as one digital currency broker -  Coins TH.

 

Our check on FXtrading Corporation’s website revealed that it is not very informative and features only a promotional video where their “offer” is presented. However, it becomes clear that the broker offers automated trading in forex and cryptocurrencies on some “groundbreaking platform“.

 

FXtrading Corporation claims to use some special artificial intelligence bots that will trade for you until you achieve 400% profit of the initial investment, which is supposed to happen within a year. Until then, clients of provider are promised 2.5% daily profit immediately available for withdrawal, if they sign up for any of their investment plans.

 

The most obvious red flag regarding FXtrading Corporation is that their website is totally anonymous – there isn’t any information on registered address, the supposed company behind the operation, nor even the country of origin. Besides, the Spanish Comisión Nacional del Mercado de Valores (CNMV) has also blacklisted this provider as a potential scammer. 

 

Thai regulators have been vigilant in their fight against cryptocurrency scams as the use of Bitcoin and other digital assets in the country continues to rise. As Forexbrokerz.com reported recently, the local Anti-Money Laundering Office (AMLO) committed to tackle crypto money laundering in the country by amending the law as to also cover cryptocurrencies and prevent their use for illicit activities.

TAGS: SEC  warning  FXtrading Corporation  Thailand  crypto scam  crypto robot 
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