ASIC warns against limestonefx.com

Australian Securities and Exchange Commission (ASIC) has issued a warning against the site limestonefx.com. The regulator alerted investors to a suspicious website with information about its affiliation with Limestone FX Pty Ltd, which is not true.

False information on limestonefx.com

Limestone FX Pty Ltd itself is an authorized representative of Baileyhenry Capital Group Pty Limited, which is licensed to provide financial services in Australia (AFS). The company and its authorized representative informed the Australian overseer that they had no connection with the title website. Additionally, investors with "investment accounts" on the aforementioned site have informed the ASIC that they are unable to withdraw their funds from the site.

ASIC discovered that the operators of limestonefx.com are not licensed or authorized by AFS to provide financial services in Australia. The website contains false information about the affiliation with an AFS licensee. The regulator also found that operators are located outside Australia where it will be relatively difficult to recover funds lost as a result of this investment scam.

ASIC advises investors to check ASIC records before investing in an entity and confirm the contact details provided, as sometimes scammers may impersonate an AFS-licensed company. This was also the case here.

Fraud is a real bane

Not only investors suffer from fraudulent activity, but also the entire industry in which trust falls, and they are often wrongly equated with illegal practices (such as the Limestone FX brand). Last week we warned against Solid Investwhich is already on the list of warnings of most European regulators, yet scammers are still active.

Raising awareness and being allergic to the most important aspects related to investing (checking your brokers, resisting manipulation and "above average opportunities") is at the moment the only effective method to weaken the position of scams over time.

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.