The Polish Financial Supervision Authority warns against XFortunes, Relchart and Waluteo

On November 10, 2023 Polish Financial Supervision Authority announced the addition of two new entities operating in the investment / Forex industry and one entity related to the currency exchange industry to the list of public warnings - these are Mango Group LLC (XFortunes), Relchart and Currency. Details below.

Watch out for these entities!

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, the following three entities were added to the list. All sites remain active at all times. In the case of XFortunes and Relchart, the activity is strictly related to offering brokerage in trading on the Forex/CFD market, without having the appropriate permissions and licenses. The websites look relatively professional, so it is difficult to assess at first glance whether they are typical scams or whether the Polish Financial Supervision Authority has been exposed to e.g. advertising activities. The third entity is a Polish company - Waluteo - which does not seem to offer any services through the indicated website (at least nothing is visible on the website), and yet it was on the "blacklist" due to the notification under Art. 3 section 150 of the Payment Services Act. The notification was submitted by the Polish Financial Supervision Authority, and the case is being handled by the District Prosecutor's Office in Zgorzelec.

The KNF warns against:

• Mango Group LLC – conducting business under a trade name XFortunes, among others via the website https://www.x-fortunes.com
• Relchart platform – operating using the website https://relchart.com/
• Waluteo sp. z o. o – running a business through the website https://waluteo.pl

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.