Malaysian Regulator Warns Against Hot Forex and Others

The Securities Commission Malaysia (SC) has added three more companies to its warning list, but most notably, its cautioned against two popular foreign exchange (forex) brokerages: Hot Forex and OANDA Malaysia Corporation, which is a clone of the OANDA website and not associated with OANDA, which is headquartered in the United States,

The third one is Torque Market Limited or Torque Trader, a lesser-known trading services provider, which was additionally blamed for misrepresentation using the SC’s logo.

The caution list was updated only a week after the financial regulator added 13 more companies, including the international and local brands of Alpari.

According to SC, these brokerages are not licensed in Malaysia and thus not authorized to offer their services in the country. These companies are allegedly violating the country’s Capital Markets and Services Act 2007 and, if convicted, the promoters could be imprisoned and heavily fined.

The warnings list detailed that Hot Forex and the others listed are ‘carrying out of the unlicensed capital market activities of dealing securities’, while the former is also ‘operating a recognized market without authorization from the SC’.

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