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Alabama Limit receives HUF 20 mln fine

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MNB headquarters in Budapest (Image by Jessica Fejos)

The National Bank of Hungary (MNB) fined Alabama Limit HUF 20 million on charges of conducting activities as a dependent agent for Cyprus-based investment services company Teletrade-DJ without reporting it to the oversight authority, according to a press release issued today by the central bank. 

The central bank also said it launched an oversight procedure against Profit Square Business, a firm that currently operates out of offices earlier registered to Alabama Limit, Hungarian news agency MTI reported. The central bank earlier posted warnings to investors regarding both companies on its website, MTI added.

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