Futures trading broker company myanmar
Unlicensed futures brokers have been accused of cheating large sums of money from clients who fear they will never be able to claim the money back because the companies are operating illegally. The company reportedly tells clients that it is a branch of Standard Bullion, which is futures trading broker company myanmar member of the Chinese Gold and Silver Exchange Society.
It has opened two separate offices on different floors, and put up signs to say that it is an authorised money changer. However, it has allegedly been running a futures exchange broking business, allowing Myanmar clients to invest in countries such as New Zealand, Hong Kong, Taiwan and Indonesia. Futures trading is mostly conducted in contracts for commodities such as gold, oil and gas, and timber, as well as foreign currencies.
There are at least six or seven unlicensed futures brokers operating in Myanmar, according to an investigation by The Myanmar Times in April, most of which were established last year. However, many of the customers of Global Growth and Golden Global have been unable to claim their deposits back.
A Myanmar company official told her that the problem was due to illiquidity and will be solved soon, but she no longer trusts the company. She also said that she is unsure whether the investment was legal, as the company futures trading broker company myanmar unlicensed and she possesses no legal receipt of her payment. Other clients are equally confused about the legal path they should take. We have to wait. Company officials and staff refused to answer questions about their business.
Following this, a company futures trading broker company myanmar called security and ushered out reporters. Futures broking is illegal in Myanmar, but the number of companies offering the service is on the rise. Some of the newcomers are reportedly educating prospective customers about their business models in the offices of the largest business federation in the country — the Union of Myanmar Federation of Futures trading broker company myanmar of Commerce and Industry UMFCCI.
In the prohibition and punishment chapter of the Securities Exchange Law, section futures trading broker company myanmar states that no one may operate a business of a stock exchange without permission from the Security Exchange Commission Myanmar, which is chaired by U Maung Maung Thein, who is also the deputy minister of finance. Until now, the government has taken no action against the companies, despite the fact that newspapers have been reporting on illegal future brokerage businesses since May.
In April, he told The Myanmar Times that the government would serve serious warning notices to the brokerage companies personally. If they did not then stop their business then the government would instruct police to launch criminal investigations and prosecute them, he said.
Customers irate at futures trading futures trading broker company myanmar 6th August, Unlicensed futures brokers have been accused of cheating large sums of money from clients who fear they will never be able to claim the money back because the companies are operating illegally. Quote from Myanmar times online website on 18 June Share this:
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