Hong Kong’s Securities and Futures Commission (SFC) today updated its Alert List with the addition of another brokerage found to be offering forex trading services to the public without being authorised to do so, according to a SFC statement.
Metis Etrade LLC is the latest company to come under scrutiny by the watchdog. The broker is operating from the site http://www.metisetrade.com, and lists its addresses at 11F Crawford House, 70 Queen’s Road Central, Hong Kong. However, the SFC said that the company is not located at this address. It also warned that it uses a bank account in Hong Kong in the name of United Global Payment, Limited for settlement.
A brief review of the MetisEtrade’s website reveals that it offers investment services on a wide range of financial instruments, ranging from equities, forex, to asset management solutions. However, the company tries to mislead investors as it claims to offer a legal product and to be governed by the Hong Kong authorities.
Hong Kong’s financial regulator keeps investors informed by drawing attention to suspicious operations and unregulated entities that market participants should abstain from doing business with.
The Alert List contains entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.