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The Malaysian ringgit extended its rally, reaching a five-year high against the US dollar, trading in a narrow range of RM4.04-RM4.05.
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German Authority BaFin Advises Caution Against FX Broker Kingdom Investments
Abstract：The German financial regulator, BaFin, has issued a cautionary warning regarding the dangers of offshore brokers operating within the country's CFDs sector. BaFin has specifically flagged "Kingdom Investments", claiming that the company is running an illegal business without proper authorization and offering German customers CFDs that expose them to FX and cryptocurrency instruments.
The German financial regulator, BaFin, has issued a cautionary warning regarding the dangers of offshore brokers operating within the country's CFDs sector. BaFin has specifically flagged “Kingdom Investments”, claiming that the company is running an illegal business without proper authorization and offering German customers CFDs that expose them to FX and cryptocurrency instruments.
BaFin suspects that Kingdom Investments is a suspicious company as it uses the details of a regulated platform to deceive the public, giving the impression that it is legitimate in Germany. The company goes even further by claiming on its website to offer risk-free trading with powerful strategies. BaFin disputes the company's claimed locations in the United States and Malta.
On the other hand,
WikiFX, a medium platform of 30 financial authorities worldwide, discovered that the broker Kingdom Investment is not regulated or authorized by any financial authority.
The regulator urges citizens to exercise caution and follow due verification processes, including checking the company's identity and establishment location. BaFin is also keeping a close eye on social media, where it has issued guidelines for potential investors to be wary of promises of excessive returns. In response to the rise of unregulated trading signals on online forums, BaFin has warned against traders using flashy social media profiles to trick inexperienced persons into thinking they can quickly make large profits through online trading.
BaFin warns that these traders do not have the necessary qualifications or accreditation to offer these services and their advice can be inaccurate and carry significant risks. The watchdog is working to keep up with the growth of the crypto market and inform retail investors of the potential risks involved.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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