Hong Kong regulator warns regarding FX clone BGCForex

Hong Kong’s Securities and Futures Commission (SFC) has recently updated its Alert List, which includes the names of entities that are not licensed in Hong Kong but are targeting investors there or claim to have association with this jurisdiction.

The latest addition to the Alert List is BGCForex (also known as BG Capital Corporation Limited and BGC Trader). The broker, which operates through www.bgcforex.com, is offering a vast array of investment services, including trading on the Forex and binary options markets.

The SFC says the website and the company are suspicious because of the resemblance of the broker’s name and the domain name to that of an SFC-licensed corporation, BGC Securities (Hong Kong) LLC.

The regulator reiterates that BGCForex is not in any way associated with the licensed company BGC Securities (Hong Kong) LLC.

The warning highlights the growing trend of cloning in the Forex industry. As you perhaps know, many illegal entities abuse the brands, names and other data of licensed entities in order to easily scam investors.

To view the full Alert List, click here.

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