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ADGM FSRA issues alert concerning fraudulent websiteADGM FSRA 01/11/2020
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 certain false and misleading claims made by Tradetheatre Middle East Ltd (“Tradetheatre”) on its website (URL: www.tradetheatre.com) (the “Website”).
It came to the FSRA’s attention that on the Website, Tradetheatre:
- purports to offer a platform for trading in stocks, cryptocurrency, ETFs and currencies;
- purports to allow potential investors, including those based in the United Arab Emirates, to sign up for trading accounts; and
- falsely claims that it is regulated by the FSRA.
The FSRA is concerned that the false statements made on the Website have the potential to mislead potential investors and the public to believe that Tradetheatre is licensed or authorised to carry on Regulated Activities in or from the ADGM, when it is not.
The FSRA advises the public that Tradetheatre:
- Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM; and
- Is not, and has never been, incorporated in the ADGM or licensed to undertake any form of commercial activities in the ADGM.
Only firms authorised by the FSRA can undertake Regulated Activities in the ADGM.
To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from the ADGM, you can search the FSRA’s Public Register.
The FSRA advises the financial services community and members of the public to exercise caution when contacted by any entity that purports to be licensed to undertake Regulated Activities in the ADGM, unless and until the entity’s regulated status can be confirmed by checking the FSRA’s Public Register.