MAS Has Flagged Covey FX–Beware!
MAS or the Monetary Authority of Singapore has warned the public about Covey FX. You may have heard of Covey FX and could be wondering if they are the right broker for you–they aren’t. Scratch them off your list and instead look for a regulated broker with a good reputation.
It isn’t too late if you’ve already opened an account with Covey FX. Demand a withdrawal, even though you think a refund isn’t likely. If they don’t return your money, contact CryptoCoinTrace experts immediately so we can deal with your claim and help you track down your funds.
What Does MAS Do?
The Monetary Authority of Singapore provides comprehensive financial oversight in Singapore. This means it operates as a Central Bank and is active in monetary policy from printing money issuing government securities and regulating interest rates.
Additionally, the MAS ensures that insurance companies, banks, and brokers comply with all rules and regulations governing the financial industry. The MAS will revoke licenses if they find a broker engaging in fraudulent activities and may pursue legal action.
The MAS also serves as a watchdog and alerts the public about excessive financial risks and scams. At CryptoConTrace, we regularly consult the MAS’ list of suspected scams, do research and create reviews as a research tool for consumers around the world.
Why Is MAS Warning the Public About Covey FX?
MAS has issued a warning about Covey FX. That means Covey FX must have at least one but probably at least several of the following issues:
- Licensing problems
- Lack of transparency
- Misleading statements
- Account issues
- Customer complaints
There may be a question about Covey FX license. They may have a license, but they could be signing up customers from Singapore or surrounding countries. They may have no license at all or perhaps they are no longer authorized to offer trading services. It’s important to confirm all statements about licensing by checking them on the regulator’s website.
Covey FX hasn’t provided enough information about themselves. We may see names, but perhaps they aren’t genuine or maybe the address doesn’t match up. In any case, MAS has noted a lack of transparency and some details may be lacking.
Many fraudulent brokers make misleading statements. These could seem like mere exaggerations, but when they are designed to mislead clients, the case is quite serious. Guaranteed returns, claims of taking no fees or commissions, and fake credentials are common examples of misleading broker statements.
Some people don’t realize they are doing business with a scam until they have trouble accessing money in their accounts. Withdrawal requests may be ignored or the broker will say there are technical issues that never seem to get resolved. There is no reason a customer can’t access money in their accounts. Any so-called reasons are usually excuses.
Customers feel empowered to complain and usually voice their dissatisfaction on review sites. However, broker review sites aren’t always reliable, because anyone can make comments. Some people like to smear the competition or promote their own scheme. However, MAS claims are different–they are all verified by the regulator before warnings are issued.
What You Should Do If You Have an Account with a MAS-Flagged Broker?
If you currently hold an account with any of these brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!