On 4 Apr 2022, the Germany BaFin issued a warning that UpbitFX Exchange has not been granted authorisation to conduct banking business or provide financial services. You may visit: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2022/meldung_2022_03_25_upbitfxexchange_en.html

UpbitFx Exchange claims it is a US-based firm and it holds a Category 3 investment services License (no. IS/56519) issued by the US Financial Services Authority (The UFSA). But please be informed that the regulator of the US is the National Futures Association (NFA) not UFSA. When searching in NFA, not surprisingly, we did not find any match results to UpbitFx Exchange.

Besides, UpbitFx Exchange claims it is regulated by multiple regulators, including:

1) The UK Financial Conduct Authority (FCA) under the registration number: 5951895;

2) The Italy Commissione Nazionale per le Società e la Borsa (CONSOB) under registration number: 35897;

3) The Denmark Finanstilsynet (Danish FSA) under the registration number: 92821;

4) The Spain National Securities Market Commission (CNMV) under the registration number: 33854;

5) The Germany Federal Financial Supervisory Authority (BaFin) under the registration number: 131085.

However, we did not find any match results to the company name or the registration number in FCA, CONSOB, Danish FSA, and CNMV. What's more, the Germany BaFin issued a warning that UpbitFx Exchange has no authorisation to conduct banking business or provide financial services. That means UpbitFx Exchange is not regulated by any regulators. Investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam.

On 8 Jul 2022, BrokersView found the domain https://www.upbitfxexchange.com/ is not working, as most probably it was suspended and it is always a bad sign when broker's website is suspended.

BrokersView found UpbitFX Exchange is using a new domain "http://www.upbitfxexchangepro.net/" to scam.