GSG Forex Lies About its Regulatory Information

On January 24, 2024, Hong Kong's Securities and Futures Commission (SFC) warned about unregistered entity GSG Forex (aka GSG International Limited).

According to the SFC, this entity utilizes Hong Kong bank accounts for settlement, but is not a legally SFC-registered financial services provider.

According to the website operated by GSG Forex, it describes itself as an award-winning provider of currency pairs and CFDs. The company states on its website that it is a Money Services Business regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and is a member of the National Futures Association (NFA).

GSG Forex website

However, upon verification, we found that GSG Forex's description of its regulatory status is false and misleading.

First of all, FINTRAC Canada is not a currency pair trading regulator, and its regulation of forex activities is limited to currency exchange and does not include currency pair trading services. Fraudulent brokers often use MSB registration to confuse the public and falsely claim to be legitimate currency pairs trading services provider.

It is also possible that GSG Forex has stolen information from another company. Although the US NFA is highly respected by investors because of its strict regulatory requirements, very few companies around the world have actually obtained an NFA forex license. On the NFA's official website, we searched for a commodity pool trading company called HEYING Group Limited based on the registration number provided by GSG Forex, but there is no information to prove that GSG Forex is related to the company. Most importantly, the firm is labeled as a "Not an NFA member," which means it is not overseen by the regulator.

NFA searching result

GSG Forex intentionally displays such misleading regulatory information in an attempt to make potential investors think they are dealing with a legitimate firm.

In addition, the company claims to be located in Hong Kong. However, the warning issued by the SFC is strong proof that GSG Forex is not a legitimate Hong Kong-based business.

SFC warning

To protect your investors' money, stay tuned to BrokersView for the latest news from the regulator to avoid being duped.