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Screenshot of a breaking news alert e-mail from Q2 2017
Switzerland’s Financial Market Supervisory Authority (FINMA) has earlier today updated its Warning List, with the latest addition being Forex broker TradingBanks.
The company, operating from https://www.tradingbanks.com, purports to have an address in Belize (previously, it claimed to have an address in the BVI). However, 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.
What must have caught the attention of the Swiss regulator (inter alia) is that the “Contact us” section of TradingBank’s website quotes a Swiss phone number.
The fact that TradingBanks is included in FINMA’s Warning List means that this company might be operating without a licence although its service should be authorized and supervised by the Swiss regulated. When FINMA gets information that a provider is operating without the necessary authorization, it launches investigation into the matter. If initial suspicions are confirmed, FINMA can commence enforcement proceedings and impose various measures, including closing the company down.
You can view FINMA’s warning against TradingBanks by clicking here.