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Which agency is regulating MGM Global?
salah mahdi
Hong Kong
2023-09-18
ANSWER MGM Global is not subject to any regulatory body. It is an unlicensed broker red-flagged by the Financial Conduct Authority (FCA) and the Belgian Financial Services and Markets Authority (FSMA).While the platform claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the FCA, our search for the company within the databases of the three financial watchdogs didn't return any results. This means the claim about its regulatory status is false.Furthermore, both the FCA and the FSMA have issued warnings against MGM Global for carrying out unlicensed activities. The full FCA warning can be accessed here and the full FSMA warning here.Therefore, BrokersView strongly suggests investors stay away from MGM Global. Entrusting it with funds and personal information is highly risky, as there are no rules in place to safeguard them. If any violation occurs, investors dealing with the platform may not be able to recover their money or get compensation from any official body. To mitigate such risks, it is advisable to choose a fully regulated broker instead.
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Transfer of bitcoin to EUR
AV
Switzerland
2023-09-11
ANSWER MGM Global is a fake broker that wants to scam you and its fraudulent activities have drawn warnings from two financial regulators. Please stop sending any money or information to it and ignore its requests.While MGM Global is allegedly domiciled in the UK, there are no indications that it is registered with the Financial Conduct Authority (FCA). As such, to warn the public about this unauthorized firm, the FCA has issued a warning against it, advising investors to steer clear of MGM Global. Furthermore, the Belgian Financial Services and Markets Authority (FSMA) has also added MGM Global to its warning list as a fraudulent trading platform. The full warning list can be accessed here.Therefore, MGM Global is a fraud scheme and any requests or excuses they make are meant to deceive you. We strongly suggest you do not trust them.Moreover, crypto trading is a regulatory headache for governments across the world and regulators are still working on how to manage the risks involved. As a result, if any violation occurs, it is very hard for both victims and authorities to recover the money. Please think long and hard before investing in cryptocurrencies.
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