New Zealand’s FMA Calls Out Two Suspected FX Scams

The (FMA) of New Zealand, the government agency responsible for financial regulation, has yet again updated its warning list to include two new entities this Wednesday.
The warnings published by the Kiwi regulator today are against Dang Kang International Group, an entity based in New Zealand, and Profitix and Enigma GRC Limited, which provides an address in London.

According to the regulator, it has flagged Dang Kang International Group for a number of reasons. Namely, the entity is not registered, licensed, or regulated in New Zeland despite claims on its websites.
FCA warns against Dang Kang International Group
Furthermore, the FMA is not the first regulator to warn against Dang Kang. Towards the end of July this year, the (FCA) also , stating it was a clone firm.
Because of these reasons, the New Zealand watchdog believes Dang Kang International Group, which claims to facilitate foreign exchange (forex) and contracts-for-difference (CFD) trading, could be involved in a scam.
The FMA provides the following websites as belonging to the entity: https://en.dk-fc.com/ or https://en.dk-tnt.com/ or http://en.fc-dkg.com/ or http://en.dk-fca.com/ or http://en.d-fca.com/.
On one of its website, the company claims: “DangKang International Group Limited (DKFC) is headquartered in the UK and its management has years of industry experience. Adhering to the tenet of “transparency” and “convenience”, the company takes multiple measures to build a benchmark image of foreign exchange trading. Customer funds are stored in independent trust accounts, and the security of funds is guaranteed.”
FMA flags Profitix and Enigma GRC Limited
Profitix and Enigma GRC Limited also claim to offer trading in a number of assets such as forex, commodities, shares, indices and more. The regulator provides two URLs that the entity operates from – www.profitix.com and www.incomeclass.net.
“We recommend exercising caution before dealing with Profltlx and Enigma GRC Limited as both entities are not listed on the FSPR and are not incorporated in New Zealand. Individuals from Profitix have been contacting New Zealand residents with investment offers and this has the hallmarks of a scam,” the warning published today states.