Austria’s FMA has issued a warning against Aduno Capital
The Austrian Financial Market Authority (FMA) warns the public against the activities of Aduno Capital a company that offers investments without complying with Austrian financial legislation. According to the official statement, Aduno Capital (ADUNO Capital Group ltd.) is not entitled to carry out banking transactions in Austria that require a license.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
Aduno Capital is a broker that offers trading on Currencies, Stocks, Metals, Futures, Options, Bonds and Cryptocurrencies. The company claims to be located in Stuttgart, Germany, however it is not regulated by its local regulator BaFin (Federal Financial Supervisory Authority).
Moreover, Aduno capital provides deluding information about its licences. It claims to be licensed by the Malta Financial Services Authority (MFSA), the Cyprus Securities and Exchange Commission (CySEC), the Securities and Futures Commission (SFC) and the Financial Conduct Authority (FCA). However, we couldn’t prove any of these licenses as they either do not exist at all or belong to some other companies not associated with Aduno Capital.
When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or ASIC. You can read our review on this broker here.