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ADGM FSRA issues alert concerning fraudulent websiteADGM FSRA 05/09/2022
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) wishes to alert the financial services community and members of the public about false and misleading claims made on the website URL: https://adgm-dsn.net (the “Website”).
The Website falsely claims an association with ADGM, by displaying ADGM’s logo on an unauthorised basis, and including the letters “adgm” in its domain name.
The FSRA confirms that the Website is not associated with ADGM and that the operators of the Website are not licensed or regulated by the FSRA to carry on Regulated Activities in ADGM.
The Website purports to offer a digital asset trading platform and allow potential investors, including those based in the United Arab Emirates, to sign up for trading accounts and deposit funds. The FSRA is therefore concerned that the false claims made on the Website have the potential to mislead potential investors and the public to believe that its activities are authorised in or by ADGM when they are not.
The FSRA believes that the Website is linked to a company named Qingtai International Corporation. This is because the operators of the Website have provided instructions to victims to transfer money to a bank account held in the name of this company.
The FSRA advises the public that Qingtai International Corporation:
- Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from ADGM; and
- Is not, and has never been, incorporated in ADGM or licensed to undertake any form of commercial activities in ADGM.
Only firms authorised by the FSRA can undertake Regulated Activities in ADGM.
To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from ADGM, you can search the FSRA’s Public Register.