Clarification on Licensing Status
In light of recent coverage concerning VELTYCO GROUP PLC and its intention to launch a regulated trading brand, new information has emerged regarding one of the associated entities, CELESTIAL TRADING LTD. Contrary to claims on several broker websites, this company is not authorized by Montenegro’s financial supervisory body.
False Licensing Claims on Affiliated Platforms
Multiple online trading platforms believed to be linked to VELTYCO, such as Option888, TradoVest, XMarkets, CapitalStockOptions, and ZoomTrader, indicate on their websites that they are operated under the regulatory oversight of CELESTIAL TRADING LTD. These websites commonly cite a sub-license number: SCMN 04/4-9/6-17, suggesting that CELESTIAL TRADING LTD holds legal authorization in Montenegro.
Statement from Montenegro’s Regulator
However, the Montenegrin financial publication www.bankar.me has released a statement from the Capital Market Authority of Montenegro, which directly refutes these assertions. According to the regulator, CELESTIAL TRADING LTD has neither been granted a financial services license nor submitted an application for one.
The regulator emphasized that any claims regarding a license or sub-license held by CELESTIAL TRADING LTD are inaccurate and misleading.
“CELESTIAL TRADING LTD is not, and has never been, authorized by our institution to operate in the financial trading space under any sub-license,” the statement clarified.
Link to Official Regulator Notice
Readers can review the full official statement from the Capital Market Authority of Montenegro for direct confirmation regarding CELESTIAL TRADING LTD’s regulatory status.