Hong Kong SFC issues a warning against Apuro Forex and Apuro Holdings Ltd. More and more, Forex brokers are ending up on the warning list of the SFC Is Apuro Forex scam or reliable?
7 March, AtoZForex – The Securities and Futures Commission (SFC) of Hong Kong has made an addition to its alert list to protect its investors. The companies that have been added to their list are Apuro Forex and Apuro Holdings Limited. The alert list contains the name of firms that are not licensed in Hong Kong. Moreover, they are believed to be or have been targeting the country’s investors or claim to have an association with Hong Kong.
Is Apuro Forex Scam or Reliable?
Apuro Forex offers financial services on a wide range of financial products such as CFDs, Forex, and commodities. It provides an online platform through its website www.apuroforex.com. According to the SFC, the company is an unlicensed entity to function in Hong Kong. Furthermore, it uses a Hong Kong bank account by the name of Apuro Holdings Ltd. for settlement. The watchdog found it to be apparently associated with Apuro Holdings Ltd. The Hong Kong regulator, SFC has blacklisted Apuro Forex, claiming it to be an unauthorized firm to provide its financial services in the country.
Another unlicensed entity, Apuro Holdings Limited, has also been red flagged by the Hong Kong SFC. The company claims its location at the following addresses:
- Flat/Rm 1405, 14/F Austin Tower, 22-26 Austin Avenue, Tsim Sha Tsui, Hong Kong
- Flat B, 12/F, Kok Pah Mansion, 58-60 Cameron Road, Tsim Sha Tsui, Kowloon, Hong Kong
According to the watchdog, the company is not located at the above-mentioned addresses. On the contrary, the address belongs to a secretarial company as per the regulator’s statement. Moreover, it uses a Hong Kong bank account by the same name for settlement purposes. Both of the firms have come under the watchdog eyes for offering their financial services without the required authorization. Apuro Forex got blacklisted previously by Japan's FSA. When we tried to contact them, we were unable to reach them.
SFC recommendations to the investors
As per the SFC guidelines, the entities offering the investment and financial services to Hong Kong investors require licensing and authority from the SFC. Failing to do so, falls under the category of unauthorized firms and ultimately gets a warning from the regulator. So is the case with Apuro Forex and Apuro Holdings Limited. As a result, SFC warns investors to refrain from engaging in any financial activity with the group.
The financial watchdog has been continuously monitoring the activities of the market participants and has been cracking down on unauthorized, unregulated companies or individuals. In addition, they have been surveying the trading environment to make sure such entities are not marketing or soliciting products to the citizens. The regulator also asks the investors to do their own thorough research on any entity before they commit funds. To help investors, AtoZForex.com has enacted one of the industry's largest brokers' warning directory.
Do you think is Apuro Forex scam or reliable? Let us know in the comments section below.