FX United warning issued by Central Bank of Malaysia
Following a warning issued by New Zealand’s Financial Markets Authority earlier this month, now the Central Bank of Malaysia has also issued a warning against FX United.
By all appearances FX United Power is a local Malaysian group of FX United investors. Through the website “fxunitedpowerinternational.com”, members of the group recruit new affiliates into FX United.
An undated investor agreement between United Global Holdings (FX United’s parent company) and FX United Power is available on the FX United Power website.
On May 27th the Central Bank of Malaysia (BNM) added FXUnited Power Sdn Bhd to its list of ‘known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM‘.
The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered.
Consumer protection under the laws administered by BNM IS NOT APPLICABLE should the members of the public choose to deal with the illegal financial service providers.
Members of the public who participate in the illegal financial activities could also BE CHARGED under the law as abetting the operators of such illegal activities.
FX United Power isn’t the first FX United company to be added to the blacklist. FX United Malaysia was added to the BNM blacklist in April, 2015.
With the company’s bogus New Zealand registration recently exposed, effectively the BNM blacklist means FX United are also unable to legally operate in Malaysia.
At the time of publication Alexa estimate that over 67% of all traffic to the FX United website originates out of Malaysia.