Bulgaria’s Financial Supervision Commission (FSC) issued on Thursday a warning notice against 16 new unauthorised financial service providers, including Austria-based forex broker Tiger Asset Management and binary options broker TradePlus Solutions, which is based in the Marshall Islands. The rest of the companies are based and registered in Bulgaria.
The regulator warned that the companies are not licensed in or authorized to offer financial services in the country, including trading in forex, binary options, and other instruments.
A list with all entitied added the the warning list of the FSC follows:
- TradePlus Solutions Ltd. (Marshall Islands)
- Tvoy Million (Bulgaria)
- Interactive Company (Bulgaria)
- Alpha Broking (Bulgaria)
- Tiger Asset Managemen (Bulgaria)
- New Capital Trust (Bulgaria)
- Atlantic Capitla (Bulgaria)
- Erida Asset Management (Bulgaria)
- Royal Capital Management (Bulgaria)
- Prometheus Asset Management (Bulgaria)
- Ridgefield Capital Management (Bulgaira)
- Tiger Asset Management Llc (Austria)
- Nemesis Capital BG (Bulgaria)
- Prosper Gesit (Bulgaria)
- GDMFX Europe (Bulgaria)
Under the Bulgarian regulations, a company is not allowed to provide financial services in the country, unless it has been licensed by the local relevant aurhotities or the regulators in any other EU member state.
The regulator did not explain why it included the above-listed entities in its warning list. One possible reason why the FSC has added Tiger Asset Management Bulgaria and Tiger Asset Management Llc. is that they are clones of Germany-based and regulated Tiger Asset Management Gmbh. In February the FSC alerted the public about another two clones of the genuine broker – Tiger Asset Management Llc Bulgaria and Tiger Asset Management Gmbh, Austria.
Meanwhile, TradePlus Solutions is a binary options broker and platform. The company operated via the brand PlusOption. The company provides on its website no information regarding authorization or licensing.
The FSC regularly maintains a public Electronic Register of all regulated companies. It also issues warnings against unauthorized entities and has a list of such entities. Earlier this year, the regulator also warned against Russia-based forex broker InstaForex and Mauritius-based HotForex, among others.
Bulgarian investors can claim their money back under the Investor Compensation Fund (ICF) in case of default of their investment intermediary. The ICF guarantees payments of compensation of up to €20,000 only to clients of licensed Bulgarian-registered entities in case they are unable to pay their liabilities or have been delicensed. Investors who engage with unauthorized entities put their money at risk.