News & Warnings

XFR Financial (Cloned Firm) (E New SP Z.O.O.)

Warnings
16/08/2017

The Financial Services and Markets Authority (FSMA) warns the public against the activities of E New SP Z.O.O., operating under the trading name XFR Financial, a company that offers binary options without complying with Belgian financial legislation.

E New SP Z.O.O., which operates under the trading name XFR Financial, is not allowed to provide banking and/or investment services in or from Belgium.

Furthermore, the FSMA reminds the public that since 18 August 2016, no investment firm (authorized or not) is permitted actively to distribute, within the territory of Belgium, binary options or any other derivative instruments whose maturity is less than one hour and/or that directly or indirectly use leverage (including forex derivatives and CFDs).

The FSMA thus strongly advises against responding to any offer of financial services made by E New SP Z.O.O. (XFR Financial) and against transferring money to any account number it might mention.

The FSMA also reminds the public that in the vast majority of cases, persons who invest in firms that do not hold the requisite authorization never recover the sums invested. These are cases of investment fraud.

E New SP Z.O.O. (XFR Financial) uses the website www.xfr-financial.com and the following coordinates:

Addresses:  ul. ZŁOTA, nr 61, lok. 100, miejsc. Warszawa, kod 00-819, poczta WARSZAWA, kraj Polska
16 Hanover Square, W1S 1HT London, United Kingdom

Email: contact@xfr-financial.com

Tel.: +33 184880083 et +44 2037696015

E New SP Z.O.O. (XFR Financial) (www.xfr-financial.com) has stolen the identity of the Cyprus-based company Xtrade Europe Ltd, whose former company name was XFR Financial. As mentioned on the website of the Cyprus Securities and Exchange Commission (CySEC), the websites of this Cyprus-based company are www.xtrade.com and www.xforex.com. However, there is no mention of the www.xfr-financial.com website.

Identity theft is a common feature of the type of fraud known as "cloned firms": the identity of an existing person or company (a lawyer, an authorized firm, etc.) is usurped in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors. An examination of the email addresses or coordinates of the companies in question can prove useful for detecting this type of fraud.

Would you like to enquire more generally as to whether a transaction being proposed complies with the financial legislation? Please use the search engine on the FSMA website. You can also contact the FSMA directly via the consumer contact form.