Austria’s financial regulator Financial Market Authority ((FMA) has issued a statement that it warns investors against concluding transactions with StormGain LLC, operating from website stormgain.com.
StormGain is an offshore retail cryptocurrency broker, operated from Europe and Israel. It has its officially registered address in popular offshore jurisdiction St. Vincent and the Grenadines.
The FMA stated that StormGain is not authorised to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 of the Austrian Banking Act (BWG; Bankwesengesetz)).