South African Regulator Flags Scope Markets Impersonators Targeting Investors on Social Media

On July 8, South Africa's Financial Sector Conduct Authority (FSCA) warned imposters of the forex broker Scope Markets.

According to the FSCA, imposters on WhatsApp claimed to be affiliated with Scope Markets SA (Pty) Ltd and its chief executive officer, Robert J. Van Eyden. They also stole the executive's persona to recruit investments from the public. The imposters are said to have signed “irrevocable trust agreements” with clients in the name of the broker.

Scope Markets SA (Pty) Ltd is the operating company of forex broker Scope Markets in South Africa, which holds a license issued by the FSCA, under number 47025. In addition to South Africa, the brand (SM Capital Markets Ltd) also holds a license in Europe from the Cyprus Securities and Exchange Commission (CySEC).

The South African regulator confirmed that Scope Markets and its CEO have no relationship with the imposters, and that the so-called “irrevocable trust agreements” signed by clients are fraudulent and not issued by the company.

The FSCA noted that it must be authorized to offer financial products and services in South Africa, and that the imposters had not obtained such authorization.

BrokersView reminds you

Remember to exercise caution when dealing with investment offers from unconventional sources such as social media platforms.

When faced with trading offers claiming to be from a well-known trading brand, it is advisable to verify the website, contact information, and other information through the official websites of financial regulators to avoid being taken advantage of by imposters.

You can also check information about forex brokers through BrokersView.