Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), has added the TradingBanks forex broker to its warning list of unlicensed entities.
According to the publication, the company claims it is owned and operated by Grizzly Limited and uses a bank account in Hong Kong in the name of Unit Group (HK) Limited for settlement. The company provides a business address in Malta.
This is the third time this year TradingBanks pops up on a warning list.
In the spring the Swiss regulator – FINMA – warned that the broker, which back then was owned and operated by the Belize-licensed Lau Global Services Corporation is not authorized to provide financial services in Switzerland.
In May South Africa’s regulator – FSB – also warned of TradingBanks. Then the broker claimed it was owned by Grizzly Limited. a financial services company authorized and regulated to trade on financial markets including hedging, markets arbitrage, risk management and speculation, with a business address in Malta.
Now TradingBanks has changed the regulation text again and notes that neither it, nor its owner Grizzly Limited are licensed or authorized by the Malta Financial Services Authority to provide any investment or other financial services in or from Malta.