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FSCA warns the public against Invest Markets and 24Option.com

FSCA warns the public against Invest Markets and 24Option.com
23-11-21 / Staff Writer

FSCA warns the public against Invest Markets and 24Option.com

Pretoria - The Financial Sector Conduct Authority (FSCA) has today issued a warning to the public to be cautious when doing any financial services business with Invest Markets and 24Option.com which are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).

The FSCA said it has received complaints from members of the public against Invest Markets and 24Option.com. According to the websites of Invest Markets and 24Option.com, it appears that they are based in Belize, providing trading platforms that offer trading in Forex, Contract for Difference (CFD’s) derivatives, as well as cryptocurrencies.

The FSCA pointed out that for a company to offer CFD trading and forex trading in South Africa, it must be licensed to do so by the FSCA. It said it therefore appears that these two platforms are conducting unregistered financial services business, which is unlawful.

The website of Invest Markets states the following: “This website (www.investmarkets.com/international) is operated by Arvis Capital Limited, a Belize investment firm, authorised and regulated by the International Financial Services Commission of Belize...” Of importance is that Invest Markets and 24Option.com still requires South African licences to operate locally, said the regulator.

 

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