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Austria’s financial services regulator FMA, warned that the forex and CFD broker Crown FX is not licensed to offer its services to Austrian residents.
According to the investor warning on the regulator’s site, Crown FX “is not entitled to provide investment services in Austria that require a licence. The provider is therefore not permitted to provide commercial investment advice in relation to financial instruments”.
The broker claims it has an address in London and 25 years of experience. According to its site, Crown FX is operated by AtlasCapital Financial Services Limited, which is authorized and regulated by Cyprus Securities and Exchange Commission CySEC and registered by UK’s Financial Conduct Authority (FCA).
A quick SMN check in CySEC’s registry of financial service providers, however, revealed that AtlasCapital Financial Services Limited has its license suspended.
This happened back in April, when the CySEC suspended the authorization of AtlasCapital for possible non-compliance with the authorization and operating conditions. According to the Cyprus regulator, the company, which also operates the forex broker ACFX has violated the regulations and procedure on risk monitoring and reporting, safeguarding of clients funds and may have endangered the interests of its clients and the regular operation of the capital market.
The suspension was extended twice in May.