MQ The Public Menace That Ignores Regulators.
The purpose of this article is to now address a fundamental flaw in the finance world. We have regulative issues in Crypto, we know this, but MetaQuotes and their flagship trading software MT4/5 are operating in a highly regulated field, the global markets.
Forbes.com of forbes magazine did a really important story recently and it was about pig butchering. A sinister named method of social engineering along where the criminals use MT4 to carry out a scam. Forbes reached out to MQ for comment but in keeping with the MetaQuotes company culture, MQ refused to comment. So, it isn’t just little old HLT Ltd they ignore, they also ignore the mighty Forbes.com.
It was this Forbes article that gave me the inspiration to write part of this story, a very dear friend of mine had given me the first idea by asking questions in relation to MT4 and regulation, as a government employee, regulation and the implementation of regulation is an area of expertise for me, but sometimes the obvious stares you in the face and you just don’t see it and it takes a dear friend to point it out, so today, lets tackle these 2 questions.
MQ might not respond, but, our website receives lots of visitors from the MQ office in Limassol, so I know the MQ employees are big fans of mine and my writing. (Tongue in cheek.)
Question 1. Why is Metatrader software, the only official trading software that is involved in scams?
Question 2. Why do MQ think that putting white label unlicensed brokers in business is ok when the regulators don’t?
So first lets take question 1.
Q. Why is Metatrader the only software involved in scams?
A1. Virtual dealer plug-in.
A2. MQs complete utter disregard for regulation as MQ clearly value profits higher than public wellbeing and safety.
A3. MQs Bank balance.
There are a few answers to this question. Virtual dealer plug-in is a software plug-in that allows the unregulated broker to manipulate trades using MT4/5 as well as a whole raft of other illegal activities. This answer just leads to more questions, again If I close my eyes, I can see Mr Manoj squirming in the witness chair as the HLT lawyer fires more and more questions at him……..
…….The HLT Lawyer: “So Mr Manoj, can you please explain for the court why the Metatrader software was built in such a way that virtual dealer plug-in can easily manipulate trades, create fake accounts, and simulate trading?”………
A hypothetical suggestion but, believe me, this will soon come to pass. It might be civil court, but a civil judgement can soon turn into a criminal investigation. We can recommend to the judge that he requests that the Department of Justice investigates further. This domino can then reverberate as the Justice department in the US can also similarly act.
This might be a flight of fancy today, but more people are waking up now to the fact that MQ are not a force for good in this world.
Lets get back to answering the questions.
So, if MQ continues to engineer MT4 so that the virtual dealer plugin mimics trades and allows criminals to manipulate markets. Do we therefore need to include investment software companies into the regulative field?
Absolutely. MetaQuotes are single headedly undoing the critical and important work that the regulators do. Which is to keep people safe, any decent human being would want the same thing, any decent company would also act properly to stop any activities that are harming people, because the solutions are easy. Simply put, if MQ continue to handout MT4 to illegal brokers then MQ are undermining every regulative body in the world.
Previously, I have likened MQ to the proverbial rogue elephant running amok. I think its time for a new metaphor because it’s a truer reflection to describe MQ as the zookeeper who opens the cage door of the rogue elephant knowing full well the beast will run amok, destroying everything in its path.
Lets refer back to the Forbes data as they state the losses from social engineering, romance scams etc, is in the billions. MetaTrader 4 makes all this possible for criminals, so why don't they stop?
I say again, the estimated total is now in the billions. Who knows what sort of situations the girls are put into to run these social engineering and romance scams. I officially announce the MQ are now a public menace, lets get this trending, as MT4 allows criminals to fraud you, MetaQuotes is solely responsible for ensuring these crimes continue, Metaquotes makes it all possible.
Is it much to ask that MQ code MT4 with a prevention measure to prevent criminal acts not make it easier? I dont understand why a reputable company would want to protect people? No reputable company would allow their software to become so easily subverted, hence the reason why MetaQuotes and their MT4/5 applications are a public menace.
Metaquotes.... no accountability, no responsbility....
A quick count of brokers in WIKI Fx shows around 36000 brokers. We estimate that around 2000 have a score of less than 4 out of 10. Now we have taken some liberties here, but lets suggest for a moment that all these broker are illegal because they have such bad scores which is usually the case. Each entity would need MT4 to operate, because only MT4 offers a software that can be so easily turned into a defrauding tool to steal from people.
Again, MT4 makes all this possible.
Let’s to do the math. 2000 x $3000 = $6,000,000
Rough numbers maybe, but it emphasises the sort of money that MQ are generating from putting illegal brokers into business.
The simple fact here is that, MT4 and MQ are creating a fraud friendly application, one that they are using to generate obscene amounts of money.
There seems to be a general acceptance from MQ that this is ok, and it isn’t their fault that their software is being used to fraud people in this way, whilst the overlook the most obvious fact here in that MT4, is the only fraud friendly piece of software that gives criminals exactly what they need to perpetrate these crimes.
Now, lets consider for a moment that an illegal broker attempted to register on Trading View. Would TV accept? It is laughable even to consider such a notion. TV have the worldwide respect of traders across the globe, with their clean and pristine reputation, this is the standard that a company should want to aspire to.
Instead of setting positive standard, MQ simply sit quietly, raking in cash and stick two fingers up to the world and shrug their shoulders as if it isn’t their fault. They are like the child that blames everyone else for their woes whilst they deflect accountability by simply saying, “not our fault guv!”
Time for the world to hear the true narrative. Check back next week as The HLT Network Ltd talk to the MT4 victims.