Spanish regulator adds Olympus Markets and some offshore brokers to its warning list

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Spanish regulator adds Olympus Markets and some offshore brokers to its warning listComision Nacional del Mercado de Valores (CNMV) has updated its warning list and added Olympus Markets, and many other offshore brokers - TopTradepro, UBCFX and Profit Trade.

According to the CNMV, these entities are not authorized to provide investment services in the country. In fact, all the above-mentioned brokerages are registered in the offshore islands only so they are not allowed to operate in any regulated financial market.

Below are the details for each of the CNMV listed companies. The companies operating both Profit Trade and TopTradePro are registered in the Marshall Islands. UBCFX is the trading name of UnitedVertures LTD. , a company incorporated in Saint Vincent and The Grenadines (SVG). Both the Marshall Islands and Saint Vincent are offshore areas where forex brokers are not regulated, nor are they supervised by any government agency.

Regarding Olympus Markets, it says it is owned and operated by Next Trade Ltd, a company registered in Vanuatu, which recently launched a new brokerage brand - Aspen Holding. Although the company is already on the list of “Securities Dealers” of the Vanuatu Financial Services Commission, the commission has rather lenient requirements and does not exercise any oversight over brokers. Olympus Markets has also been included in the list of German financial regulator, BaFin, which has ordered it to cease its illegal operations in the country.


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