New Zealand’s FMA Blacklists FX broker Wise Banc
The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued a warning against FX broker Wise Banc. The company is not registered on the Financial Service Providers Register, it is therefore not permitted to provide financial services to New Zealand residents.
The Financial Markets Authority (FMA) plays a critical role in regulating capital markets and financial services in New Zealand. It is the New Zealand government agency responsible for enforcing securities, financial reporting, and company law as they apply to financial services and securities markets.
In the official notice, the regulator also states that WiseBanc is based overseas with no presence in New Zealand and do not appear to be subject to regulation by an overseas regulator.
Wise Banc operates through the website wisebanc.com and offers Forex and Contracts for Difference (CFDs) trading. The company is owned and operated by TLC Consulting Ltd., registred in the Marshal Islands. Payment agent is Orion Service EOOD, located and registered in Bulgaria, where the company’s headquarters are based. We already see the first red flag, offshore license, which means the broker is probably a fraud and cannot be trusted.
Wise Banc claims to have branches in Malaysia, New Zealand, Singapore, and South Africa, however, it is not authorized in any of these countries. Moreover, the warning from New Zealand’s FMA is not the only one Wise Banc has. The UK Financial Conduct Authority and the Central Bank of Ireland have each recently published a public warning about WiseBanc and Orion Service EOOD.
Considering all these facts we cannot recommend you to invest with Wise Banc. It is much safer to trade with regulated entities overseen by reputable authorities such as FCA in the UK or ASIC in Australia.
You can read our review on this broker here.