CMFX Trading Promises Unrealistic Returns on Investment, Warned by South Africa's Financial Regulator

The Financial Sector Conduct Authority (FSCA) of South Africa has warned the public to be cautious about dealing with financial services business with CMFX Trading. The company was said to have raised funds from the public under the guise of investment and had promised unrealistic returns.

CMFX Trading offered Bitcoin trading services on behave of its clients and guaranteed profit. Specifically, the company told investors that a principal of R6,000 could rise up to R23,000 within three days.

The FSCA cautioned that trading profits are not guaranteed and unrealistic returns should be treated with skepticism.

The regulator also noted that CMFX Trading is not authorized to provide financial services in South Africa under any financial laws.

To avoid unnecessary risk, the FSCA cautioned the public against accepting financial advice, assistance, and investment offers from unauthorized persons and entities. As authorized financial service providers should present their regulatory status in relevant documents, investors were advised to make a further investigation before payment when no such regulatory details are found.

Investors are also advised to be cautious about investment or trading offers appearing in social media platforms.

It is worth noting that in 2021, the UK's Financial Conduct Authority (FCA) also warned about an unauthorized company called CMFX Trading. However, there was no detailed information to confirm these two regulators warned the same financial service provider.

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