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UK’s FCA updates its warning list with Kruger Exchange and PT Banc

Mar 14 2019
By
Jonathan Smith

 

The Financial Conduct Authority in the UK updated its list of unregulated forex and CFD brokers with Kruger Exchange and PT Banc. According to the regulator, these entities have been offering, promoting or selling financial services or products in the UK without its authorization.

 

In its official notices the UK financial watchdog keeps warning that “some firms act without our authorisation and some knowingly run investment scams”. That being said, it is very probable that Kruger Exchange and PT Banc are also engaged in fraudulent practices.

 

Although it poses as a crypto-exchange, Kruger Exchange actually offers trading in CFDs with a focus on cryptocurrencies. The broker is allegedly owned and operated by Marketing Essentials Ltd., a company with registered address in Sofia, Bulgaria. The firm, however, is not licensed by the local Financial Supervision Commission (FSC), nor by another EU financial regulator, as all CFD providers should. 

 

The website of PT Banc features an address in Luxembourg and a contact number in the UK and the FCA has reasons to believe that this firm has been providing financial services or products in the UK without being regulated. The broker has also been blacklisted by Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

 

The FCA strongly advises UK investors to only deal with financial intermediaries that are licensed by them, and check the Financial Service Register to make sure they really are authorized. Brokers authorized by the FCA have to meet stringent requirements and are subject to tight oversight. If they fail to meet those standards and requirements, the fines are pretty salty.

 

This might be tough for businesses, but traders are well-off: they know that the FCA is monitoring their broker, and that even if the latter becomes insolvent, there is the Financial Services Compensation Scheme (FSCS). Under the umbrella of the FSCS, clients of regulated entities are entitled to receive up to £50,000 in compensation each.

 

TAGS: FCA  warning  Kruger Exchange  PT Banc  UK  scam 
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