Ultima Markets and Moneta Markets Warned by Securities Commission of Malaysia

The Securities Commission of Malaysia(SC) updates its Investor Alert List to alert local investors to unregulated financial service providers and to avoid trading risks.

The regulator updated its warning list on Nov. 17, adding forex brokers Ultima Markets and Moneta Markets.

_{SC warning}

The SC believed that Ultima Markets has carried out unlicensed securities activities in the capital markets.

According to the regulatory information provided by Ultima Markets on its official website (ultimamarkets.com), the only license of the broker was obtained from the Mauritius Financial Services Commission (Mauritius FSA).

However, the license details page on the Mauritius FSA website only contains the company name ‘Ultima Markets LTD’. In other words, investors are unable to verify the authenticity of a license by matching the details offered by the FSA and the broker, such as telephone number and business address.

_{Ultima Markets Ltd's regulatory page in the FSA}

Moreover, even if Ultima Markets is financially licensed in Mauritius, it shall not provide services to local investors in Malaysia.

Before providing financial services to retail investors, the providers must be licensed by local regulators.

Moneta Markets was also warned by the Malaysian financial regulator for the same reason as Ultima Markets.

Moneta claims to hold licenses from the Financial Sector Conduct Authority (FSCA) of South Africa and the Australian Securities and Investments Commission (ASIC).

In addition to the Malaysian SC, Moneta was also warned by the Bank of Russia.