Japan’s FSA warns against unauthorized FX firm GEMFOREX

Japan’s Financial Services Agency (FSA) has earlier today updated its list of businesses offering derivatives trading services without registration in Japan.

The latest addition to the warning list is GEM-TRADE Co., Ltd, operating as GEMFOREX. The company offers a raft of Forex services from https://gforex.asia.

Although the company claims to have an address outside of Japan: Suite 901 Level 9 The Hong Kong Club Building 3A Chater Road Central Hong Kong China, this does not free it from the obligation to get the necessary regulatory permissions in Japan, in case it wants to offer its services to Japanese residents.

gemforex_logoUnder the Japanese laws, all derivatives trading services providers, even those registered and regulated overseas, should be authorized by the Japanese regulators in case they want to target Japanese clients. A website in Japanese, as the one that GEMFOREX has, is considered a form of targeting of Japanese investors. That is why a warning was published.

Earlier this week, Japan’s FSA published a similar warning against another overseas FX firm – Australia’s FXTG.

To view the full list of warnings from Japan’s FSA, click here.

To view the particular warning against GEMForex, click here.

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