PRESS RELEASE: FxBitGlobe Illegal Dealings Exposed! Texas State Regulators Order them to Cease Operations

PRESS RELEASE: FxBitGlobe Illegal Dealings Exposed! Texas State Regulators Order them to Cease Operations
April 10, 2019
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Commissioner Travis J. took legal emergency action against a fake Forex provider known as FxBitGlobe. According to the Texas State Securities Board statements on Wednesday, the 9th of April, the entity has no legal backing. The reason for IIes action against the foreign exchange provider was that the entity has been dealing fraudulently. The Cease & Desist Order was to stop them from continuing in their illegal operations.

FxBitGlobe has been offering FX and Crypto investment on an international basis. Although they are claiming to be registered and regulated, the investment advisers and brokers are no such thing. They don’t even have a legal address so how come they are registered as they claim.

The false claims of FxBitGlobe exposed

FxBitGlobe gave false statements about their operations. Their claims about being a world-leading and regulated investment company are false. It has been mentioning its areas of coverage as FX, Crypto trading, insurance investment and binary options . Also, the community believed that the exchange company was founded last five years in 2014. The address of the company was supposedly in Houston at -1210 Smith St., 77002.

According to what the regulators in Texas have revealed, there is no such address in Houston. The other FxBitGlobe false promise of assuring a 25 to 70 percent returns on investment is not real. The consumers have such expectations that they will be going home with the ROI every month. Unfortunately, the regulator’s statements have diffused such hope because the offer is not real.

From what the order stated, the entity is hiding its true operations. As such, it has failed to disclose the process of generating revenue. The company is not even making its principals clear to the public. No one can attest to their experience either.

The Texas State Securities Board also went further to state that FxBitGlobe is hiding many things. It hasn’t disclosed important things like capitalization, assets and liabilities to the investors. Also, it hasn’t been forthcoming about other information regarding their financial status. No investor knows how the company can pay them such a fixed ROI on volatile and risky assets. Unfortunately, the entity didn’t share the details.

False regulations by the Security and Exchange Commission

The regulators in Texas are not taking this infiltration by the fraudulent entity lightly. They have revealed that the illegal company is lying to potential customers about an SEC registration. It assures these unsuspecting investors that every risk on the investment is available in the SEC . According to FxBitGlobe, it has filings with the regulatory agency but SEC is warning that such claim is false.

From what the emergency order states, the company has no link to SEC. Also, it doesn’t have any link to the Financial Industry Regulatory Authority which it is also claiming.

However, the company FxBitGlobe has the right to challenge the Cease & Desist Order if it wants. After 31 days elapses, the company can go ahead to tell its side of the story. However, investors and potential customers of the entity may need to be careful. No one knows how it will all go down, but the fake address is not an honest move.

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