Austria’s FMA begins licensing crypto firms and warns against FX Crypto Club

[mlawson71]

New regulation in Austria was passed to allow the local financial regulator – the Austrian Financial Market Authority – to begin licensing, regulating and blacklisting cryptocurrency exchanges. The first blacklisting came not long after that. The financial regulator blacklisted the unregulated crypto company FX Crypto Club.
The exchange claims it is owned by Games Capital ltd, which is an infamous company that is registered in the Marshall Islands offshore zone and purportedly proves its clients with the MetaTrader 4 trading platform, but does not offer a demo account. The Spanish regulator CNMV has already issued a warning about their shady practices.
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That is one of the good things about such regulatory legislation, I think – it allows for alleged scammers to be exposed as such.