The UK's Financial Conduct Authority (FCA) has issued warnings to ten firms suspected of providing or promoting financial services without its authorization. The regulator mentioned GLOBAL SKY TRADING, SUPERMININFX.LTD, ELITEGLOBALMINERS, FLOWSGLOBAL, LEGITIMATEFXPRO.COM and SOLID-TRADES UNIT.

According to the FCA warning list, these companies operate the globalskytrading.com, supermininfx.ltd, eliteglobalminers.com, lowsglobal.net, legalfxpro.com and solidtradesunit.live Websites.

The latest warning list also includes World Crypto Coin Save, FIELDFIN.LTD, Crypto Flips and WALL OF TRADER, which are listed on the world-cryptocoinsave.net, fieldfin.ltd, crypto-flip.com and walloftra.ltd, respectively.

FCA Flags Unauthorized Services

The FCA has warned users that some of the companies on its warning list may use incorrect contact details, including postal addresses, telephone numbers and email addresses. In addition, the regulator warned users that some businesses may provide details belonging to other companies.

“If something goes wrong, you won't be protected by the Financial Services Compensation Scheme (FSCS). This means you're unlikely to get your money back if the firm fails,” the FCA said. “You can check our Financial Services Register to make sure a firm is authorized and licensed for the services it provides to you.”

In addition, Germany's financial services regulator, BaFin, issued a warning about the Trade211.com website, accusing the platform of offering unauthorized financial services. An investigation conducted by BaFin revealed a worrying trend of entities engaging in financial activities without the necessary authorization, which could put investors at risk.

Bafin adds Trade211 to warning list

Bafin highlighted differences in the site's ownership and operation. In one instance, Hooya Plus Capital Inc. based in Labuan, Malaysia, is mentioned, while in another instance, the South African entity Trade211 (Pty) Ltd is mentioned without clearly indicating its exact business address.

BaFin stressed that any entity offering financial or investment services in Germany must be authorized by the regulator. The agency urges investors to exercise caution and conduct thorough due diligence before engaging with any financial services platform. Verifying a company's authorization status through BaFin's company database can provide valuable insight into its compliance with regulatory requirements.