The Malta Financial Services Authority has warned the public of UMarkets which is an entity that purports to be an online trading broker by Market Solutions limited and which claims that it offers Forex, commodities, CFDs and indices.
In a statement on Tuesday, the financial watchdog said that it became aware of the entity which has an internet presence at www.umarkets.com, and it was also aware of the claims being made by the entity such as having substantial relationships in Europe and Asia with major banks.
The MFSA stressed that the entity was not a Maltese registered company nor licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law.
The financial watchdog warned that one should refrain from undertaking any business or transactions with UMarkets.
Warnings have also been issued by foreign regulatory authorities against UMarkets and Market Solutions Ltd. The list includes Belgium, Spain and Australia.
The financial watchdog reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity in question is authorised to provide such services.