FinTelegram has already reported about the activities of the public-listed German The NAGA Group AG several times. Its subsidiary NAGA Markets Europe Ltd is an investment firm (CIF) regulated by the Cypriot regulator CySEC with license number 204/13. This CIF operates the website with the CySEC-approved domain www.naga.com. We registered there a few months ago. Today we have received an email announcing the transfer of NAGA‘s approved website (www.naga.com) to the offshore domain www.naga-global.com. An interesting approach, which is most likely not compliant!
The offshore entity NAGA Global LLC, registered in St. Vincent & The Grenadines, is the operator of the website connected with the domain www.naga-global.com. NAGA Global is an unregulated offshore broker. FinTelegram has uncovered recently that CySEC-regulated NAGA uses the offshore entity to circumvent the European and Cypriot regulatory framework.
Both websites – the regulated and the unregulated offshore – look almost identical. Both sites link to the same social media outlets. Only the legal information on the offshore mutation lacks the reference to the regulation by CySEC. Both sites seem to work with the same database and customer base. This approach is most certainly not compliant with regulatory requirements.
Now, clients serviced through the CySEC-regulated site (www.naga.com) will also be moved to the offshore entity. At least, that’s what the email we received from NAGA Global says.
We do not think this move is compliant with the prevailing regulatory rules. If the redirection of all visitors and clients from the CySEC-regulated domain www.naga.com to the offshore domain www.naga-global.com takes place, the CySEC-regulated broker will disappear.
We would like to know more about The NAGA Group and its activities. If you have any information or experience, please share it with us through our whistleblower system, Whistle42.