NZ FMA Issues Warning Against Forex Broker Mic-Market for Fake Licensing Claims

The Financial Markets Authority of New Zealand (NZ FMA) has issued a warning against forex trading service provider Mic-Market, following a report that the company contacted a New Zealand resident to offer financial services.

Entity Name: Mic-Market
Website: micmarkfx.com
Emails: support@micmarkfx.info; support@micmarkfx.com

According to the FMA, Mic-Market claimed an association with Trader AI, which hse been warned by the Australian Securities and Investments Commission (ASIC) due to unauthorized provision of financial services.

ASIC flags Trader AI as an unlicensed entity

Mic-Market asserts that it is licensed in Cyprus, the U.S., and South Africa. However, an investigation by BrokersView revealed that these claims are untrue. Specifically, Mic-Market's domain is not included in the approved domains of the Cyprus Securities and Exchange Commission (CySEC) license number 123/10, indicating that the broker has stolen legitimate broker details to appear credible. Furthermore, the National Futures Association (NFA) does not record the license number 0557897 presented by Mic-Market. The Financial Services Board (FSB) in South Africa no longer supervises forex trading entities and other financial services providers.

CySEC’s licensee under number 123/10

The NZ FMA has also confirmed that Mic-Market is not registered to provide financial services in New Zealand, leaving investors unprotected under New Zealand law. The regulator recommends caution when dealing with Mic-Market due to these fake licensing claims and lack of proper registration.