Switzerland’s Financial Market Supervisory Authority (FINMA) has updated its Warning List of companies, with the latest addition being Algo Banque.
Algo Banque, operating from https://www.algobanque.com, targets investors offering them a range of Forex trading and algorithmic trading services. The company claims on its website that its European office is located in Geneva, Switzerland.
The inclusion of Algo Banque in FINMA’s Warning List means that it might be operating without a licence although its service requires authorisation and should be supervised by FINMA. When the Swiss regulator receives information that a provider is operating without authorisation, it investigates the matter. If initial suspicions are confirmed, FINMA can initiate enforcement proceedings and impose measures of varying severity, including closing the company down.
To view the warning from FINMA, click here.