Most notably, the Securities Commission (SC) said that FX and CFDs brokerage Windsor Brokers and its associated brands are carrying out unlicensed capital market activities.
Windsor Brokers Ltd is regulated in Cyprus and operates under its CySec license, while its brand Windsor Brokers BZ Ltd in Belize is licensed by IFSC and Seldon Investments Ltd in Jordan.
The broker has expanded its operations in the Middle East over the last three years, culminating in the launch of its subsidiary in Jordan. In 2019, the Cyprus-based broker received a Jordan Securities Commission (JSC) license, which allows it to provide financial advisory and brokerage services in the local market.
The SC has also blacklisted a slew of offshore FX brokers including CWG Markets Ltd, which is authorized by the Vanuatu Financial Services Commission, and Cayman Islands-based Lion Brokers.
The updated list also includes names of fraudulent clone platforms that have been posing as well-known, regulated platforms around the world, including a bogus website called Binance Futures Investment.
The watchdog advises its citizens not to make use of such services nor to make any investment with companies or individuals that are not approved or licensed by the SC.
Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offence under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.
Earlier in May, crypto exchange Huobi and its CEO has been slapped with an enforcement action by Malaysia’s Securities Commission (SC) and was ordered to stop operating in the country. Notably, Huobi Global’s CEO Leon Li was also mentioned by name to ensure that the SC’s directives are carried out.
Malaysian regulator said Huobi has continued to operate illegally in Malaysia despite being included in the SC’s caution list back in July 2020. The alert list includes persons or entities that carry on regulated activities or those providing services as a market maker without proper approval, authorisation or recognition.
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