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Austrian FMA Blacklists 4 Unlicensed Financial Firms

The Austrian Financial Market Authority (FMA) has issued warnings against four financial companies on Thursday. This is to alert investors.

The four company names are PremiumBorsa and Pennyworth Investments, which offer digital currency trading services. There is also GCG24, which is a forex trading platform. Another is ANB Express Bank, which is a loan-processing company which offers several types of loan programs for individuals, based on their credit.

According to FMA, none of the companies hold the mandatory license for offering such financial services in the country. The Austrian regulator then  flagged them as unlicensed financial firms operating businesses in their country.

The watchdog wrote Article 3 para. 2 nos. 1 to 4 WAG 2018 and Article 1 para. 1 BWG in its warnings.

FMA’s Long List of Blacklisted Firms

The companies mentioned made it to the regulator, the Austrian Financial Market Authority’s long list of blacklisted firms. 

The Austrian regulator remains vigilant against the financial companies operating within its jurisdictions. They are doing this to proactively alert investors of any suspicious platforms.

The FMA also added three other financial service providers to its warning list earlier in June. None of them have obtained a license as they operate in the country.

The following web domains belong to the newly added companies to the warning list:

https://premiumborsa.com/, https://www.anbexpressonline.com/, https://www.pennyworthfx.com/, and https://www.gcg24.com/

The watchdog detailed that none of the named entities are permitted to offer investment services or banking services. This is particularly true in Austria where a license is required. 

Earlier this year, the FMA mandated crypto companies had to obtain a license before offering any services in the country. If they don’t secure one as required, they will then face a penalty of up to €200,000.

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