Wed, June 19, 2024

SFC in Hong Kong Calls Vantage Website ‘Suspicious’

Broker News

The Securities and Futures Commission (SFC) in Hong Kong has cautioned against Vantage International Group Limited. Vintage is a popular forex and contracts for differences (CFDs) broker and registered arm of the Cayman Islands.

The regulator warned that Vantage’s website was ‘suspicious,’ noting that the company appears to be focusing on attracting Hong Kong investors.

According to the SFC, website operators with malicious intent often use names similar to established companies to deceive investors. Despite this warning, the website appears to belong to Vantage, a legitimate company. It suggests that the regulator’s warning may have been issued in error.

In addition, the SFC’s warning provided the addresses of all Vantage entities that are listed on Vantage’s website. However, it is important to note that only Vantage International Group Limited is registered in the Cayman Islands. The warning did not mention the other entities within the brokerage group.

Vantage’s spokesperson said they evaluated the situation and would take all required measures to safeguard their clients while adhering to relevant laws and regulations.

The Tricky Hong Kong Market

Vantage is a retail trading company based in Australia and has regulatory licenses in Australia, the United Kingdom, the Cayman Islands, and Vanuatu.

The regulations around offering CFDs in Hong Kong can be tricky. The SFC strictly prohibits local brokers from providing CFD instruments. However, there is currently no ban on using foreign brokers’ services. It means that foreign brokers can offer their products and instruments to traders in Hong Kong.

Hong Kong is an attractive market for retail brokers due to its high cost of living and wealthy locals. From October 2021 to February 2022, cPattern data showed that Hong Kong residents made monthly deposits averaging over $13,000, making them one of the highest-value depositors globally. The only country with comparable levels of monthly deposit value is the UAE, with an average deposit of $12,685.

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