PTFX foreign exchange custody has been reported by the media as suspected of financial pyramid schemes, and regulatory authorities have named PTFX on many occasions.

On December 29, 2018, the Shenzhen Branch of the Administration of Foreign Exchange responded to investors’ concerns about the PTFX foreign exchange broker website:

1. Domestic online foreign exchange speculation (Internet Foreign exchange futures and foreign exchange margin trading) are illegal business activities. Domestic regulatory authorities have not approved institutions to operate online foreign exchange speculation business, and participation in illegal foreign exchange speculation activities is not protected by law.

2. According to the current reports and complaints, most domestic online foreign exchange speculation is suspected of financial fraud and has no actual foreign exchange transactions. Market players are requested to increase their risk awareness and be wary of online foreign exchange speculation scams.

3. If a civil dispute is involved, please apply to the court for civil litigation in accordance with the law; if a financial fraud is involved, please report the case to the public security organ in accordance with the law.

4. The foreign exchange management department cooperates with the judicial authorities in handling cases in accordance with the law, and works with local financial supervision departments, network supervision departments, industrial and commercial administration departments, other relevant regulatory departments and market entities to rectify illegal foreign exchange speculation activities in accordance with the law. At present, PTFX foreign exchange custody has been included in the special rectification, and the relevant departments will be notified of the handling situation in the near future.

Extended information:

PTFX foreign exchange custody was investigated by the Taijiang District Police:

As early as June 21, 2018, Fuzhou, Fujian Province City investors complained that PTFX was suspected of fraud. The Taijiang District Public Security Bureau of Fuzhou City responded through the "Fuzhou 12345 Convenience Service Platform": On March 23, 2018, the Taijiang Criminal Investigation Brigade had opened a case for investigation in accordance with the law.

After preliminary investigation, it was found that PTFX had been established for more than three years. It operated under different names and changed its business premises many times. It was closed before the victim reported the crime. The victims invested in the company through foreign third-party platforms, domestic smart payment and other platforms, as well as indirect deposits through members. The case is relatively complex and the police are still investigating.

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