Dear Investor,
NorthStar claims to be based in the UAE and states that it holds a certificate issued by the Dubai Multi Commodities Centre (DMCC) under the entity name North Star Commodity Trade. While we can confirm the existence of this license, it is critical to understand that DMCC is not a financial regulatory authority and does not oversee or license forex trading activities. In the UAE, the proper regulator for forex and securities is the Securities and Commodities Authority (SCA), yet our search of the SCA’s official register yielded no record of NorthStar or any affiliated entity.
Furthermore, NorthStar asserts that it holds a Money Services Business (MSB) license from the U.S. Financial Crimes Enforcement Network (FinCEN). However, we were unable to verify this claim in FinCEN’s public database. More importantly, even if such an registration existed, FinCEN does not regulate forex brokers or provide investor protection, but solely focuses on anti-money laundering compliance.
Given the lack of valid forex licensing, NorthStar exhibits multiple red flags consistent with potentially fraudulent brokers. We therefore strongly advise you to avoid any financial engagement with this platform.
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