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Screenshot of a breaking news alert e-mail from Q2 2017
Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), Russia’s Forex self-regulatory body, earlier today updated its “Black List” of companies whose business models are like those of financial pyramids.
The latest addition to the list, which now features 51 participants, is Unity Finance Group Ltd, which operates via https://unity.finance.
CRFIN is concerned that the company is pledging unusually high returns of up to 1.5% per day if clients invest in one of the suggested plans, including one that is supposed to be based on the PAMM model. Furthermore, the company promises that the returns are guaranteed, whereas its model does not provide any objective guarantees that returns will be eventually paid in any other way than at the expense of newly attracted investments.
The Russian organization also voices its concerns regarding the licenses of the company or, more precisely, the lack of necessary licenses for managing client funds.
The news section of Unity Finance Group Ltd says it has recently opened a UK office and also mentions a UK subsidiary of the group. LeapRate’s check in the FCA register, where such an entity should be registered, has shown no results for such a business.
To view the full “Black List”, click here.