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Exposure: The well-known Hong Kong licensed foreign exchange broker ADSS illegally solicited custome

Discussion in 'Scam Alerts' started by Tian XiLiang, Jul 17, 2019.

  1. Tian XiLiang

    Tian XiLiang Recruit

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    Abstract: What is the most afraid of investment? Afraid of bad market conditions, loss of money, platform running, and even more afraid that your money can only become a string of immovable figures, watching hard-earned money not to come out! Recently, some investors have reflected such a “strange” thing to reporters.

    Profit Account Frozen without Reason?
    It has been reported that investor Mr. Y chose a platform called ADSS (Da Exchange) to invest by the recommendation of the agent. Due to the credibility of foreign exchange access created by websites such as Foreign Exchange Eye, Mr. Y was relieved to enter into the cash transaction in batches in June, but the transaction was restricted before long. After submitting the cash withdrawal application, he was actually rejected! The reason is that “due to the ongoing transaction investigation of the account, it is temporarily unable to apply for withdrawal”.

    Why are good trading accounts investigated? Mr. Y contacted customer service and still did not get a reasonable explanation after several dropped calls and slow communication.

    (The following is the transaction details chart provided by Mr. Y)

    6.13, Register platform user

    6.14, the funds were paid in batches through UnionPay and BIPIPAY, totaling more than 240,000+120,000 RMB. The recipients are the two agricultural bank personal accounts designated by ADSS website.

    6.18-21, small-batch trading was conducted, and large-batch trading was conducted on June 26. According to customer Mr. Y, the account was prohibited from trading after trading for more than one hour on the 26th. When the account was prohibited, the book profit was 50% (due to leverage trading provided by ADSS, the profit was converted after deleveraging, and the profit was equivalent to 2.5%). However, the user’s ADSS account was still prohibited from trading. The next day, the customer applied for payment, but the payment was rejected.

    7.8, trading is restricted and funds are frozen.

    Up to now, there is still no clear answer, such as what abnormality is frozen, how long it will take to investigate, when the normal payment will be made, and why the platform can arbitrarily install an “abnormality” charge to unreasonably restrict the normal transaction of customers.


    None of these should be officially explained.

    Coincidentally, Mr. Y is not the same person whose funds are blocked. Several investors also suffered withdrawal failures, showing wrong results. It is worth noting that their contributions are quite large.

    Of course, there is also an interesting saying in the field: it’s your business to lose and don’t want to leave if you make a profit.

    This makes one cannot help speculating boldly -is it also a big way to make profits on ADSS platform?

    Based on the inexplicable operation of ADSS platform, we are curious to check the company’s information on the internet. We did not know whether to check it or not. We got a fright - there were a lot of black materials exposed on the ADSS platform.

    What is the most important thing for investment? The first is safety, the second is the smooth payment!

    Although the official website described everything from registration to payment, this is not the case according to the incident description.

    This institution, which claims that the well-known platform has international supervision and has a good rating on Foreign Exchange Eye, has shown more and more doubtful points, which makes people feel that it is not worthy of the name.

    ADSS Qualification or Doubts
    ADSS cleverly chose to register in UAE to avoid bind spots in domestic laws and regulations, and to engage in business in China by opening an Asian regional operation (Hong Kong office).
    In addition, ADSS claimed to be under British FCA supervision. But it was verified on the supervision certificate that ADS London’s company had obtained the authorization instead of ADSS, and the name had been changed, which did not rule out the possibility of another acquisition of the company in the middle of the process. This remains in doubt.

    Of course, it does not mean that there is no need to worry about safety if there is supervision. Investors need to be clear: FCA supervision in the UK clearly stipulates that foreign exchange brokers are prohibited from doing business when local laws and policies do not allow foreign exchange margin trading. ADSS is doing business in Ching. If anything happens, can the British regulatory agencies handle it? It can’t help.

    Similarly, mainland transactions are not regulated by Hong Kong.

    Another problem is that formal foreign exchange trading platforms need to be cleared through foreign exchange exchanges, which means that investor’s funds flow into the clearing regulatory agencies and into the real investment market. ADSS claims to be under the supervision of UAE, Hong King and FCA. Do any traders know where their funds have gone? Is it Britain’s FCA or Hong Kong?

    What is even more dreadful is that the money was not directed to where the money was going, and the agents directly provided private accounts for the money according to the interface display provided by Mr. Y. Many investors did not doubt too much out of trust, but this also showed a very serious problem: investors did not know where their money was going!

    There are also relevant media that have exposed ADS’s capital flow:

    This kind of secretive way is easy to hook people up with Ponzi scheme.

    Not only that, in the past half month, investors have been dealing with customer service for several times and still have no reasonable answer. According to the information currently known to users, the transaction has been reported to Dubai headquarters for wind control review, and the headquarters thinks the transaction is reasonable. However, as these transactions will affect the overall performance of the Asian region, the two leaders in the Asian region have blocked the payment for various reasons.

    The “word-renowned” foreign exchange trading platform actually ignored the rights and interests of traders because of his own self-interest, and ignored the rules and regulations in order to accumulate wealth.

    So, the two leaders, Li Jigang, the head of ADSS Asia Pacific region, and Peng Jiaqi, the vice president of ADSS Asia Pacific region business development, are exactly the initiators of this incident.

    Li Jigang (nicknamed Li Taishi by others) is an online celebrity in foreign exchange industry, and his past experience is also one of the most convincing reasons. He has nearly 20 years of working experience in the foreign exchange brokerage industry. He once worked in FXCM (Fui Exchange) and Saxo Bank (and both are senior executives), and indeed had a certain voice in the foreign exchange industry.

    Li Taishi is still quite popular in the field. He is the top foreign exchange industry leader, speech leader, humorous and successful professional personnel. He earns 30-40w Hong Kong dollars per month and 40% bonus at the end of the year. But if wool coms from sheep, the more generous the treatment, does it mean that the more investors are victimized?

    Of course, this is only speculation.

    Peng Jiaqi, another man of the hour from ADSS, as the “image spokesman” of China, frequently attended some public relations activities and posted many boastful and soft articles on the internet, but all felt a little…embarrassed.

    The Interests of Every Investor should be Protected
    To sum up, through this incident, we can see that ADSS and those P2P platforms that have run away have one thing in common - “you are looking for other people’s income, and others are looking for your principal”. This is the case. In foreign exchange trading, it is normal to earn some difference, but it is unavoidable that some greedy black platforms choose this way of “earning but not giving away”. And most of them will use the excuse that investors violate the rules of platform trading to collect funds.

    Due to the grey nature of foreign exchange trading in China, many investors have no way to appeal. This has also contributed to the arrogant hostility of these black platforms. You should know that people will rise in popularity and reputation from both sides. They will enter and leave, smashing their own signboards. It is suggested that such irregular platforms should return investors’ funds as soon as possible. If they persist in arbitrarily embezzling users’ funds, sooner or later they will perish.

    Finally, I would like to advise all investors to keep their eyes open and distinguish themselves from these hypocritical black platforms. There are risks in investment, so be careful in making money!

    (This article is elaborated by investors)









     
  2. 4evermaat

    4evermaat 2nd Lieutenant

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    Do you have at least one account statement from one of the scammed clients that you can attach here as proof they were a client?

    Also, screenshots (or video) of any email communications mentioning the account was locked or any shady behavior from the broker would be helpful.
     
  3. Tian XiLiang

    Tian XiLiang Recruit

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    [引文=“4 evermaat,POST:341074,会员:88774”]您是否至少有一份来自受骗客户的帐户结单,您可以在此附上证明他们是客户?

    Also, screenshots (or video) of any email communications mentioning the account was locked or any shady behavior from the broker would be helpful.[/QUOTE]
    Of course, I didn't find any place to upload pictures, so I just edited the text, thank you!
    1. 2. 3. 4. 5.
     
  4. 4evermaat

    4evermaat 2nd Lieutenant

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    Can you invite the company to this thread please? Please follow the instructions on this thread:

    https://www.forexpeacearmy.com/comm...how-to-invite-a-company-to-your-thread.58438/

    It is a two-part process. So make sure you follow all steps. Then this thread will update automatically.

    Also, let's try to keep the conversation in English. Otherwise we will have to use google translate.

    ---------------
    Side Comment: [Mainland] Chinese nationals are particularly vulnerable due to programs like Project Golden Shield. They cannot research a broker's credentials properly, particularly overseas brokerage. Too easy [and tempting] to take clients funds and just run off with it. And nearly zero recourse.
     

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