简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:On July 1, Veracity Markets posted on its Facebook and Instagram pages that it had been notified by the FSCA on June 28 and was actively cooperating with the regulator's investigation.
In the past week, Veracity Markets, a South African Forex broker, exposed itself to be in deep crisis of FSCA investigation. Let's take a look at the latest developments in this matter.
Founded in 2020, Veracity Markets has grown from a relatively unknown company to a major player in the African forex trading industry in just two years. The FSCA is a regulatory body set up by the South African government to ensure that financial institutions and financial service providers adhere to strict rules of conduct.
On July 1, Veracity Markets posted on its Facebook and Instagram pages that it had been notified by the FSCA on June 28 and was actively cooperating with the regulator's investigation. With immediate effect, it will suspend all operations, including the closure of the withdrawal freeze. The announcement reads as follows:
Key Points
It is worth noting that Veracity Markets has emphatically mentioned in its announcement that its registration with the FSCA remains in force. In fact, WikiFX had already reported that Veracity Markets was a Suspicious Clone.
It was verified that the FSPR License No. 40983 and the FSCA License No. 4701 claimed by the broker were both suspicious clones.
Earlier, some investors from South Africa had reported to WikiFX that they were experiencing serious slippage problems when trading with Veracity Markets. In addition, the broker also delayed their withdrawal requests citing technical problems.
FSCA's position
Although the FSCA has not issued any official press release to date explaining the whole story, it is clear that Veracity Markets is risky enough to attract the attention of local financial regulators.
In addition, there are rumors that Veracity Markets is considering filing for bankruptcy liquidation.
Today, Veracity Markets has stopped paying customers withdrawals or redemptions, fees, charges, commissions, bonuses and profits, including any funds held on behalf of any other person, while the FSCA has not yet decided to close its platform. We have reason to suspect that Veracity Markets may take advantage of this opportunity to run away early! Investors are also advised to be aware of the risks!
WikiFX will keep an eye on
As of now, it's unclear whether the FSCA will actually shut down Veracity Markets, but the broker's shutdown is enough to cause concern among investors.
Our recommendation is not to trade with this risky broker. You should immediately stop depositing funds with Veracity Markets if you are already trading with them, particularly if they ask for a withdrawal fee.
Finally, WikiFX will keep track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website or download the WikiFX APP to evaluate the safety and reliability of this broker!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Saxo Bank launched an attractive promotion for new clients that offers zero commission trading on transactions for the 100 most popular US stocks. This campaign began on September 17, 2024, and runs until December 31, 2024. It aims to attract clients who want to invest without paying trading costs.
MetaQuotes now offers Nasdaq real-time tick data in MetaTrader 5. Subscribe for accurate market analysis, improved trading strategies, and flexible subscription plans.
Federal Reserve Cuts Rates for the First Time in Four Years. On September 18, Bank of America Global Research revealed an upward adjustment in its forecast, expecting the Federal Reserve to implement a total of 75 basis points in rate cuts by year-end.
STARTRADER has once again solidified its leadership in the forex industry with the prestigious Skyline Guide 2024 award for “Company Outstanding Performance in the Forex Industry”.