The KNF enters Spot Capital Markets on the list of warnings

KNF List of warnings - new position of Spot Capital Markets Ltd.

The Polish Financial Supervision Authority announced today that a new entity - Spot Capital Markets Ltd. - a Cypriot broker offering intermediation in concluding transactions on binary options, has been placed on the list of public warnings.

The black list is getting longer

Spot Capital Markets Ltd. is a binary options broker operating at nobleoption.com/pl/. This entity is not registered in Poland, but the website is available in Polish and has a "Warsaw" contact number. The company itself has a CySEC license number 210/13, issued in 2013. However, this is not enough to be able to set up accounts for traders from Poland in accordance with the law. Interestingly, the broker offers as many as 6 types of accounts, where in the highest of them (VIP), the initial minimum deposit is as much as PLN 1 million.

A fragment of the offer of Spot Capital Markets

The Commission in its communication states that  Spot Capital Markets Ltd. has been added to the list of warnings in connection with the suspicion of committing a crime under art. 178 Act on Trading in Financial Instruments. This means that the broker directs his offer to Polish residents without the required KNF permission. Activities were initiated thanks to information provided by another entity.

Entry in the KNF alert list (click to enlarge)

You can find more warnings about Forex entities in our section - List of warnings.