Royals FX warned as possible scam by New Zealand FMA
New Zealand financial regulator the FMA has issued a warning regarding offshore Retail FX, CFDs and crypto broker Royals FX, operating from website royalsfx.co.
The FMA noted that Royals FX could be involved in a scam. Also of interest was that the Swiss Financial Market Supervisory Authority (FINMA) and the UK Financial Conduct Authority (FCA) had earlier this year each published a warning about Royals FX.
Royals FX shows on its website that it is based in Geneva, Switzerland. However we believe that to also not be true, and just a ruse to get potential clients to trust the website. The address shown by the company on its website, 19 Avenue De la Paix 1202 Geneva, Switzerland, is actually the world headquarters of the International Committee of the Red Cross.
All FX brokers operating in Switzerland need to hold a full banking license.