The TeleTrade broker is on the Polish Financial Supervision Authority's warning list

December 2023 Polish Financial Supervision Authority starts with a bang. Today, the list of warnings has been expanded to include 3 new items. There is one among this group TeleTrade – once a very popular broker on the Polish market. Additionally, entities were also added to the list 360DA LIMITED and General Trust Group (GeneralTG). Details below.

TeleTrade on the Polish Financial Supervision Authority's warning list

The KNF's public warning list is a collection of entities that violate Polish law regarding banking and investment activities. As a rule, these are ordinary fraudsters who operate illegally, without appropriate consents and licenses, and their only goal is to extort funds from unaware investors. These are also companies that have violated the provisions of Polish law in terms of their activities, e.g. in terms of advertising, information contained on the website and more.

This time, TeleTrade, a Forex/CFD broker that was once very active on the Polish market, but has not heard much about it for several years, has been added to the list. Polish company – TeleTrade Polska sp. z o. o. – operating using four websites: teletrade.eu, teletrade.org, teletrade-dj.com and esperio.org, had to run afoul of the Polish regulator.

According to information on the Polish Financial Supervision Authority's website, on September 22, 2023, proceedings were initiated in a case concerning an act under Art. 178 of the Act on Trading in Financial Instruments. Violation of this article carries severe consequences and is punishable by imprisonment or fines of up to PLN 5 million.

Art 178. Whoever, without the required permit or authorization contained in separate provisions or without being authorized to do so in another manner specified in the Act, conducts business in the field of trading in financial instruments, shall be subject to a fine of up to PLN 5 or imprisonment for up to 000 years, or both. together.

TeleTrade has a Cypriot license issued in 2011, and the previously mentioned websites officially belong to TeleTrade-DJ International Consulting Ltd, which raises more and more question marks (because the announcement concerns a limited liability company) and suggests that it was the Polish branch that committed some offense. However, the details of the proceedings are not known.

Additionally, two other entities were added to the list. 360DA LTD is a credit brokerage company. However, the General Trust Group platform is probably a "typical scam" that purports to offer trading on CFDs, crypto, futures and more, but in fact the only goal of the company is to extort funds from unaware investors (this suggests the lack of any license, the registered office address provided in Switzerland and Polish contact numbers).

The KNF warns against:

• 360DA LIMITED – running a business via the website https://kredytnadowolnycel.pl
• Teletrade Polska sp. z o. o – conducting business via the following platforms: teletrade.eu, teletrade.org, teletrade-dj.com and esperio.org
• General Trust Group Platform – running a business through the website www.generaltg.com

Stay alert!

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.