Hanfa warns against illegal activities of the companies UAB Bitmarkets and XF24 in Croatia
The Croatian Financial Services Supervisory Agency (Hanfa) is hereby warning the public about the illegal operations of the companies UAB BITmarkets and XF24, which operate in Croatia without Hanfa's authorisation and notification.
UAB Bitmarkets, a company that advertises in Croatian media and social networks, encourages potential investors to participate in virtual asset trading. The company's representatives urge citizens to use their trading platform and to purchase their BTMT – Bitmarkets token.
Although registered in Lithuania, the company did not obtain an authorisation to operate in Croatia in accordance with Croatian regulations, nor did it apply to Hanfa for operation in the territory of the Republic of Croatia in accordance with the relevant regulations and despite our warnings. Its operations are therefore considered illegal.
HANFA also warns of the activities of the company XF24, which phones retail investors in Croatia and offers them investment in contracts for differences (CFDs) related to goods such as gold, oil, shares or cryptocurrencies. Although its representatives claim to be based in Tallinn and present themselves as analysts, this company is not registered in Croatia and is not on Hanfa's list of firms authorised for the provision of services in Croatia (notifications). As these services are regulated by the Markets in Financial Instruments Directive (MiFID), the company was required, in accordance with the provisions of the Capital Markets Act, to notify Hanfa, but did not do so.
It should be noted that Hanfa does not have any further information on the operations of these companies and therefore cannot guarantee the protection of the rights and interests of investors who opt for business cooperation with them. Therefore, we are urging all potential investors from the territory of the Republic of Croatia to be careful when considering any business arrangements with these companies.
We encourage investors to, before entering into a business relationship with any company, check that the company has the necessary authorisations and that it has been notified for the provision of services in the territory of the Republic of Croatia.
The registers of companies authorised by Hanfa to provide investment services and carry out investment activities, as well as the list of financial service providers from other EU Member States notified for the direct provision of services in the territory of the Republic of Croatia, are available on Hanfa's website.
