MGT STOCK claims to be operated by Longsheng Financial Limited with offices in Hong Kong and the US. It showcases four licenses on its website as the evidence of its legitimacy. However, two of them are incoporation certificates. Shell incorporation in any jurisdiction is meaningless.
The MSB license from the US Financial Crimes Enforcement Network (FinCEN) also cannot serve as the support for legitimacy, as the FinCEN has stated that the MSB registration is not a certificate of legitimacy, or endorsement of the business by any government agency. Furthermore, there is no indication that MGT STOCK has been registered as a member of the National Futures Association (NFA).
MGT STOCK has provided a license from the Hong Kong Securities and Futures Commission (SFC), a license turns out to be fake. The license has a Central entity no. AUL711, which actually belongs to Valuable Capital Limited, not the so-called "Longsheng Financial Limited". The warning issued by the SFC against MGT STOCK proves that and says MGT STOCK is not associated with the licensed entity.
In essence, MGT STOCK is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
MGT STOCK is unequivocally a scam.
MGT STOCK claims to be operated by Longsheng Financial Limited with offices in Hong Kong and the US. It showcases four licenses on its website as the evidence of its legitimacy. However, two of them are incoporation certificates. Shell incorporation in any jurisdiction is meaningless. The MSB license from the US Financial Crimes Enforcement Network (FinCEN) also cannot serve as the support for legitimacy, as the FinCEN has stated that the MSB registration is not a certificate of legitimacy, or endorsement of the business by any government agency. Furthermore, there is no indication that MGT STOCK has been registered as a member of the National Futures Association (NFA).MGT STOCK has provided a license from the Hong Kong Securities and Futures Commission (SFC), a license turns out to be fake. The license has a Central entity no. AUL711, which actually belongs to Valuable Capital Limited, not the so-called "Longsheng Financial Limited". The warning issued by the SFC against MGT STOCK proves that and says MGT STOCK is not associated with the licensed entity.In essence, MGT STOCK is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. MGT STOCK is unequivocally a scam.