Pinnacle Asset shows itself as an online trading and investment assistance for Forex, Cryptocurrency, and Asset Management. While its website looks respectable, the truth is something much more alarming as you get to know what is going on behind the scenes. Pinnacle Asset has been warned about by various international regulators, including the UK’s Financial Conduct Authority (FCA) and Spain’s Comisión Nacional del Mercado de Valores (CNMV).
Warnings and Regulatory Issues
One of the main issues is that Pinnacle Asset has no regulatory stance. They have not provided licensing information or information to verify through any financial authority. On August 31, 2023, the FCA openly warned the public that Pinnacle Asset was offering investment services in the UK without regulation-of all the things to do legally, this is one of the most crucial violations as this implies that the UK has no protection afforded to any investors in the UK as it relates to regulation from licensed entities.
The CNMV in Spain stated the same thing; it appeared Pinnacle Asset was providing investment services that were, in fact, illegal, due to the lack of regulatory oversight, which is required for investment service firms in Spain.
Unregulated High-Risk Broker
Investors utilizing Pinnacle Asset are taking a large risk with their funds. The broker is unregulated, meaning that it will not have a compensation scheme, and, more fundamentally, it has zero obligations in law when its customers suffer a loss or become a victim of fraud. An unregulated broker leaves an investor unguarded.
High-Pressure Sales Tactics and Misleading Practices
Reports have been made of customers becoming frustrated due to withdrawal delays, lack of transparency and communication, and high-pressure sales tactics to find more investments. These are all traits of a fraudulent broker trying to entrap investors through illicit “services” and a lack of accountability.
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