FSCA issues consumer warning against MGM Markets
The Financial Sector Conduct Authority (FSCA) would like to warn the public to not do any financial services-related business with MGM Markets. MGM Markets is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
The FSCA received information that there is a company called MGM Markets, which operates through the website www.mgm-markets.com. MGM Markets claims on their website that they are an online trading platform for trading contracts for difference (CFDs) in crypto-currency. MGM Markets also claims that they comply with the financial industry’s strictest regulatory requirements. It should be noted that MGM Markets is not an authorised financial services provider. It should also be noted that crypto currencies are not regulated in South Africa. Anybody trading in crypto-currencies in South Africa does so at their own risk.
The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services as well as for which services they are authorised.