Hong Kong’s Securities and Futures Commission (SFC) keeps updating its Alert List and today added one more unlicensed entity to it – Galaad Capital Group.
Galaad Capital Group, operating from www.galaadcapitalgroup.com, is offering a range of trading services, including Forex services.
The company provides the following address: 28th Floor, New World Tower, 16 Queen’s Road Central, Central, Hong Kong, but the SFC notes that it is incomplete.
The Hong Kong watchdog reminds the public that some businesses target Hong Kong investors whilst not having been licensed to carry out regulated activities in Hong Kong. They often adopt names similar to legitimate financial institutions in order to confuse investors and defraud them easily. Alternatively, such unlicensed entities may provide financial investment trading platforms on the Internet.
The regulator notes that if investors deal with a company which is not licensed by the SFC, they may not be protected by the regulatory framework enforced by the SFC.
You can view the warning against Galaad by clicking here.