South Africa’s FSB warns against FX firm TradingBanks

South Africa’s Financial Services Board (FSB) has issued a public warning against conducting financial services business with TradingBanks, an offshore FX firm, purporting to be a registered entity.

The regulator notes that TradingBanks is not authorised to render financial services in South Africa and is not a representative of an authorised financial services provider as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.

tradingbanks_ifscThe FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800110 443) or on the website as to whether or not such institution or person is authorised to provde financial services.

This is not the first time that TradingBanks sparks regulatory concerns. In March this year, the Swiss Financial Market Supervisory Authority (FINMA) added the company to its Warning List, whereas in December last year, the International Financial Services Commission of Belize (IFSC) issued a warning against TradingBanks, noting that it is not licensed in Belize to offer investment services.

For the full text of the warning from South Africa’s regulator, click here.

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