Mauritius’ FSC warns Alpex Markets doesn’t fall under its regulation

Mauritius’ FSC warns Alpex Markets doesn’t fall under its regulation

Mauritius FSC

The Financial Services Commission (FSC) of Mauritius issued on Monday a warning notice against forex broker Alpex International Ltd., trading as Alpex Markets, for falsely claiming it is regulated by the FSC. 

The entity claims to hold a full service investment dealer license, as well as a category 1 global business license issued by the Mauritius financial regulatory body on 11 November, 2013. However, the FSC noted Alpex Markets is not licensed and never has been licensed, nor regulated by it.

The broker’s website, www.alpexmarket.com, is no longer available. On its Facebook page, the broker provides Hong Kong contacts  and says it was founded in 2015 and that it is regulated, without specifying by which regulator.

Mauritius is known as an offshore destination for forex brokers and is preferred by many for its favorable set up costs, low capital requirements of about €17,000, and favorable tax regime. Licensed entities need to be incorporated in the country and operate an office there. Under the FSC’ regulatory framework, financial service providers are required to hold a FSC license in order to operate.

Source: FSC

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Canada’s BCSC warns of Cryp Trade crypto scheme

Canada’s regional financial markets and services regulator the