New Zealand’s financial regulator Financial Markets Authority (FMA) has issued a warning to investors regarding an offshore FX and CFDs broker called VHNX, operating website VHNX.com.
VHNX, which claims to be based in Saint Vincent and the Grenadines, may be operating a scam according to the FMA. The regulator said that it has received reports that representatives from VHNX are cold-calling New Zealand residents with investment offers when it is not authorised to do so.
The FMA has also received reports of people being unable to withdraw their funds from VHNX.
The entity does not hold a Derivative Issuer License and is not a registered financial service provider in New Zealand or licensed by the FMA. As such, they are not permitted to offer derivative trading services to New Zealand retail customers. The FMA recommends exercising caution when dealing with this entity.