Spanish regulator Comision Nacional del Mercado de Valores (CNMV) has issued two separate warnings regarding the unauthorized operations of trading firms GSI Markets and Top4fx. Top4fx is a forex and CFDs brokerage, and GSI Markets offers binary options trading.
The Spanish regulator has further alerted local traders of the companies’ subsidiaries. Top4fx could be soliciting clients as ‘Shortline Consultants Limited’ and ‘FX Group International Ltd.’ The CNMV further warns against Stocks Forex High Level S.L. and D. Jose Luis Flores Garcia, which are also involved with Top4fx. GSI Markets has three subsidiaries – Media Soft Limited, Netsoft Limited, and Netmedia Markets OU.
The online trading companies and their subsidiaries have not registered with the Spanish regulatory body, and any and all operations they may be running are in violation of Spanish law.
Additionally, this is not GSI Markets’ first run-in with the regulatory authorities. Just a week ago, British regulatory body the Financial Conduct Authority (FCA) . According to the alert, GSI Markets had been running an unauthorized operation that included illegally soliciting clients and offering financial services.
In June, the CNMV for approaching clients with offers of trading environments without receiving the regulatory green light.
Earlier this month, the Spanish regulatory authority issued warnings against . The CNMV’s alerts named Neo Trade Global Investments Ltd., Bali Limited, White Sea Limited, and AI Operator Artificial Intelligence Finance.
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