Monfex (finally) lands on the KNF's list of warnings

Polish Financial Supervision Authority included new entities on the list of public warnings, including Monfex. Fraudsters under this name have been active for over a year. The first signals about the criminal activity of Monfex appeared in July 2020. Although the reaction from the Polish Financial Supervision Authority is too late, it is glad that it finally took place. We warn you against using the services of this company. Details below.

Monfex on the list of warnings

Monfex is already a "veteran" among scams. Despite the fact that this entity tried to defend itself with "purchased, flattering reviews", ultimately the truth was still flowing out somewhere on the web. The pattern of operation was standard. A call from a pseudo-broker to a random person or to data bought from a third-party database, and then persuading them to make great investments that were never intended to bring losses. Ultimately, regardless of the result of the investment, there were problems with the payment of any funds, and the pseudo-broker tried to persuade to the end for a subsidy to the investment.

For scammers, Monfex has a pretty good looking website allegedly offering trade brokerage on Forex market, stocks and also cryptocurrencies. There is also access to education and even an affiliate program.

Officially, the reason is the notification regarding the suspicion of committing a crime under Art. 178 in connection with joke. 69 sec. 1 and sec. 2 point 2, 3 of the Act on Trading in Financial Instruments, i.e. conducting activities in the field of trading in financial instruments without the required permit or authorization. The proceedings were initiated by the KNF Office and the case is being conducted by the District Prosecutor's Office in Warsaw.

Monfex entry on the KNF's list of public warnings. Source: KNF.gov.pl

Other entries

With today's announcement about Monfex, the UKNF also informed about the entry of several other, less known entities on the list of warnings. Here they are:

• Leedia Srl based in Milan, Italian Republic,
• Subpages within the domain https://focusnews365.com/,
• Website https://investingops.com/investment/pl/taboola-amz.

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.