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Does GOMAX have license?
Cuong Nguyen I
Namibia
2023-10-18
ANSWER No, GOMAX operates without the required licenses.GOMAX's website says that it is regulated by the Financial Crimes Enforcement Network (FinCEN) with the registration number: 31000251361096. While this is included on the MSB Registrant Search Web page, it is crucial to note that the FinCEN only works to prevent and fight against money laundering and other financial crimes. It does not regulate foreign exchange at all. Forex brokers in the US are required to regulated by the Commodity Futures Trading Commission (CFTC) and register as a member of the National Futures Association (NFA). However, our search for GOMAX in the NFA register suggests that it is not an NFA member and its NFA ID number was only for tracking purposes only.Therefore, GOMAX has no regulation from any authority. This means that investors' money is not safe with GOMAX and there is no legal protection for them. If the platform goes out of business or disappears, its customers are not able to receover their money or get any compensation, which is financially devastating. To mitigate such risks, we strongly suggest investors stay away from unlicensed brokers like GOMAX and instead choose a fully regulated one.
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