Purpose

The UAE forex market is an emerging international offshore foreign exchange trading market that has developed over the past two decades. Leveraging Dubai's status as a financial hub, it has brought together a large number of licensed and regionally operating forex dealers, with a high degree of market openness and a large share of cross-border business. To help investors and practitioners gain a more comprehensive understanding of the actual operating conditions of forex dealers in the region, we conducted an on-site visit to the UAE.

Process

This visit went to the UAE as planned to conduct an on-site inspection of forex broker GRN Markets. According to public information, its office address is Mirage Business Centre, Souk Al Bahar, Burj Khalifa, Dubai, UAE. A professional and experienced inspection team, driven by a sense of mission to strictly protect investors, went to the UAE following meticulous planning. Based on the above information, an on-site visit was carried out to broker GRN Markets.

Following the address information, the inspector went to the Souk Al Bahar area around the Burj Khalifa in Dubai to conduct an on-site verification of the broker GRN Markets claimed to be located at mirage business centre.

After successfully arriving near the target location, it was found that the building is located next to the Dubai Mall, a landmark building in downtown Dubai. It is an ancillary low-rise building that does not look like a conventional commercial office building at all. The overall area is mainly for cultural, tourism, and commercial supporting facilities. Throughout the visit, no signs or public information related to GRN Markets were found. The publicly marked address itself was also incomplete, making it impossible to accurately locate the corresponding office point.

The inspector successfully entered the lobby area of the building and checked with the on-site staff whether the address had any registration information for GRN Markets. The response was that no company with that name had ever been registered in the building. The name GRN Markets could not be found on any floor directory signs in the building, and no LOGO of the company appeared either inside or outside the building.

Due to incomplete public address information and the absence of corresponding floor registration information for the company in the building, the inspector was unable to reach the specific floor claimed by the broker to confirm its location. Throughout the visit, no office area of the broker was found, and there was no obvious company signage. Also, because there was no corresponding appointment information and no registered access point for the company could be found, it was completely impossible to enter the broker's internal office area. There was no opportunity to photograph the company's front desk or front desk LOGO, and this location is not a shared office type.

Because they could not enter the corresponding area, the visiting personnel had no way at all to observe the company's internal environment, and the overall on-site conditions were completely inconsistent with the broker's claim of having office premises at that address.
Therefore, after the on-site inspection, it was confirmed that the broker GRN Markets does not exist at the above publicly marked address.

Conclusion

The visiting team went to the UAE as planned to conduct an on-site inspection of the forex broker GRN Markets. At its publicly displayed business address, the company name and other relevant information of the broker were not visible, indicating that the broker does not have a real place of business. Investors are advised to verify based on comprehensive multi-source information before making a choice.

Disclaimer

The above content and opinions are for reference only and should not be used as the basis for final selection.