After being warned and exposed, the impenitent company did not stop the scam but continued to lie to investors. Moreover, WikiFX found some more forex brokers that claim to be owned by Primis LLC – SigmaBanc and Spotinvest.
About Primis LLC
Primis LLC is a company registered with St. Vincent and the Grenadines Financial Services Authority (SVG FSA), registration number 1860 LLC 2022. However, investors can only find little information about the company on the SVG FSA registry.
Many forex scams claim to be “regulated” by the agency, but the SVG FSA is not a forex regulator. It does not regulate forex activities or handle customer complaints. Therefore, registering with this institution does not mean that your invested funds will be protected by law. As a forex investor, you must know it to stay protected.
Since there are fewer requirements to apply for registration than elsewhere and the application fee is lower, many forex brokers are willing to register here, making it easy for investors to mistake the company for being regulated.
BBanc – Operated by Primis LLC
BBanc was exposed by WikiFX News.
This scam now receives more warnings, including warnings from FCA and the British Columbia Securities Commission (BCSC).
Spotinvest – One of Websites Operated by Primis LLC
Spotinvest also claims to be operated Primis LLC. This broker was warned by the Spanish regulatory body – CNMV because of not being authorized to provide investment services in Spain.
SigmaBanc – Another Website Operated by Primis LLC
SigmaBanc is another website run by Primis LLC. At the same time, it claims to be regulated in five countries – the UK, Canada, Denmark, Singapore, and Australia.
We searched the forex regulatory bodies in the five countries. Unsurprisingly, no results that matched this broker could be found in any of the regulators.
Here we must remind traders to be cautious with brokers operated by Primis LLC.
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