The Capital Market Commission has filed a complaint against several companies that they suspect are performing activities or offering services in the capital market area without the appropriate license or approval from the Commission, while at the same time issuing a warning to citizens and investors to be cautious and to check who they are giving their money to.
Director of the Commission Željko Drinčić confirmed to "Vijesti" that they have reported these companies to the Police Directorate - Financial Intelligence Unit, the Tax Administration and the International Organization of Securities Commissions (IOSCO), which can put them on the so-called "black list" of companies that operate outside the rules.
The complaints were filed against the companies “Alba Brokers”, “Gann Markets”, “GKM Global Tech”, “Organic FX” and “Winex Markets tech”. The companies are registered in Montenegro and are mostly owned by Turkish citizens.
These companies' websites or social media pages state that they trade in so-called stock market derivatives such as (Forex) FX currency pairs where an investor buys positions, or bets on the rise or fall of the value of one currency against another. They also advertise digital currency trading and other services.
"Vijesti" contacted the Police Directorate - Financial Intelligence Unit and the Tax Administration yesterday regarding the Commission's announcement, from whom they expect answers.
The commission published a list of these companies on its website on Monday, along with a warning about their operations. The “Alba Brokers” website is no longer operational. The central registry lists “GKM Global Tech” as having been shut down on October 13th of last year, but its trading website is still operational. The website wikifx.com lists this company as having lost its forex license as of January 13th, and states that its address is in Montenegro and its server is in the Netherlands.
It is not possible to find information about the company “Gann Markets” in the registry, and the Commission found it at Svetlana Kane Radević 5 (a skyscraper near the Podgorica hotel), while its website gannmarkets.com is still operational. The companies “Organic FX” and “Winex Markets tech” are in operation and their websites are still operational.
Drinčić told "Vijesti" that they have information that these companies are trading FX currency pairs in Montenegro without the appropriate licenses.
"We have received information that they are registered with the CRPS under other activity codes, but in fact they are engaged in FX trading," said Drinčić.
In its warning dated January 12, the Commission states that within its legal competence, it informs the public and investors that legal and natural persons may appear on the market that perform activities or offer services in the field of capital markets without the appropriate license or approval of the Commission.
"In order to protect investors, preserve market integrity and improve the transparency of the financial system, the Commission publishes a list of persons who have been found or are reasonably suspected of operating contrary to applicable regulations, i.e. without the necessary regulatory approval. The Commission warns citizens and investors to be particularly cautious when making investment decisions, to check before entering into a business relationship whether a certain person is registered and authorized to provide the services in question, and to contact the Commission through official contact channels in case of doubts. The publication of this list has a preventive character and is part of the Commission's continuous activities aimed at strengthening confidence in the capital market and protecting the interests of investors in Montenegro," the Commission's notification states.
When asked by "Vijesti" to clarify the warning they issued, the Commission stated that in order to protect investors, preserve the integrity and lawful functioning of the capital market, it is a legal obligation to continuously monitor and supervise the provision of investment and related services on the territory of Montenegro.
"Having this in mind, we point out the fact that the provision of investment services is permitted exclusively to legal entities and authorized credit institutions to which the Commission has issued a valid license to operate and provide investment services, and that any performance of these activities without an appropriate license constitutes a violation of applicable regulations and grounds for taking measures provided for by law. Accordingly, the Commission has on several occasions, independently or with the assistance of other competent authorities, based on available information and conducted supervisory activities, determined the existence of a certain number of legal entities that, without the Commission's license, provide or advertise the provision of investment services, thereby jeopardizing the rights and interests of investors, as well as the lawful and transparent functioning of the capital market," the Commission stated.
Similar warnings that companies on the territory of Montenegro provide or advertise the provision of investment services without having a license issued by the Commission were published in 2023 and 2024, for the operations of the companies "Keisemarkets", "Exen Market" and "Flag Markets".
"The Commission's activities continued during 2025, within which, through continuous supervision and monitoring of publicly available information, including official websites and other available sources, a certain number of legal entities were identified for which there is reasonable suspicion that they provide investment services without having a license issued by the Commission. In order to inform the public and prevent potential abuses, the Commission published on 12. 1. 2026 a list of entities for which there is reasonable suspicion that, contrary to applicable regulations, they are engaged in the provision of investment services without a previously obtained license," the Commission announced to "Vijesti".
The list of companies is available at the official website of the Commission.
The Commission has no data on the clients of these companies.
The Commission points out that they are not an investigative body, that they could not exercise control over companies that are not registered with them, but that they are obliged to indicate the existence of suspicions that legal entities listed on the list are engaged in providing investment services.
"It is important to note that legal entities that provide investment services without a license from the Commission are often registered in practice to perform other activities, which significantly complicates their identification. The Commission does not have data on clients of unlicensed entities, since it does not have access to their documentation nor does it supervise their operations. For the above reasons, we particularly emphasize the importance of the active participation of investors and the general public in reporting unlicensed entities to the Commission, and we invite all interested parties to report any legal entity that they have knowledge of or reasonable suspicion of providing investment services, and that is not on the list of licensed taxpayers on the official website of the Commission. This contributes to the protection of legitimate competition in the capital market, improving market transparency and reducing the risk of potential fraud and abuse to the detriment of citizens and investors," the Commission announced.
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