SHANGQUAN platform, the website is www.shangquanfx.com, currently can not be opened。
Please be aware of the risk!
Shangquan is said to be owned by Shangquan International, established in 2016 and located in Hong Kong. By all means, it implies that the company has to have an SFC license.
After reviewing the databases of the Securities and Futures Commission of Hong Kong, we found nothing. We’ve tried our luck with other Tier1 regulators, including the FCA, ASIC, BaFin, and CONSOB.
The conclusion is: Shangquan is an unregulated financial swindler that most likely disappeared with clients’ money.
Reasons Not to Trust an Unlicensed Broker
Unlicensed brokers, such as Shangquan here, can vanish whenever they want. And customers are not protected by a compensation fund, meaning that getting their money back will be challenging.
Instead of blindly trusting this and other fraudulent brokers, always confirm their regulatory status. This is your only money-back guarantee should an issue arise.
Now that the platform has run away, it is recommended that victims prepare relevant information to report to the local police, and at the same time, they need to be vigilant about changing their domain names and continuing to cheat.