French Regulators Blacklist 14 Ilegal Forex Trading Platforms

French Regulators Blacklist 14 Ilegal Forex Trading Platforms

Time Stamp: July 7, 2023 1:53 PM
French Regulators Blacklist 14 Ilegal Forex Trading Platforms PlatoBlockchain Data Intelligence. Vertical Search. Ai.

France’s
financial market supervisors, Autorité des Marchés Financiers (AMF) and the
Autorité de Contrôle Prudentiel et de Résolution (ACPR), have jointly flagged
14 forex trading websites operating in the country without authorization. The
watchdogs announced
the addition of the new sites to their blacklist today (Friday).

According
to the regulators, the
illegal platforms include action-sure.com, algo-robot.co, eu.vtmarkets.com,
fxwinning.pro and fxwinning.net. Also included in the list are mainet.business, mainetfrance.com, morganfinance.trade, rxkcapital.com and
weareturbo.io. The others are xmarket-finance.com, xmonetatrading.com,
autofxbroker.com and polarbtc.com.

Since the
start of the year, AMF and ACPR have identified and added 22 illegal forex trading
platforms to the blacklist. However, no new website offering unauthorized
cryptocurrency derivatives to French citizens has been spotted during the
period.

AMF Tackles
Automated FX Trading

The latest
addition to the blacklist follows AMF’s recent warnings against automated forex
trading platforms. Last month, the financial watchdog flagged Immediate
Connect, an
investment scheme that tricked investors into registering with unauthorized platforms that offer automated trading in forex and cryptocurrency
derivatives, with the promise of high returns.

Similarly,
AMF earlier this year warned investors against patronizing the services
of unregulated companies selling subscriptions to their automated forex trading robots.
The regulator sounded the alarm after it received several reports from
investors and institutions, mainly those in French overseas territories, about
firms offering fraudulent trading robot software in the forex market.

Regulatory
Actions in Other Regions

Outside of
France, other market supervisors are actively battling the continued rise in
fraudulent forex trading and investment schemes. On Friday, the UK
Financial Conduct Authority (FCA) blacklisted clones of Interactive Brokers and
Polar Capital LLP.

Earlier
this week, New Zealand’s financial watchdog slammed a stop order on Validus and all its associated
companies. The regulator said the company, which supposedly
invests in
forex, crypto and stock markets, was enticing investors by promising a 350%
return on investment after over 60 weeks.

Furthermore,
the US Securities and Exchange Commission (SEC) during the week dragged Florida
resident Sanjay
Singh to court for allegedly raising $112 million through an FX
Ponzi scheme that promised investors 325% returns. Similarly, a US court
recently ordered a commodity pool operator Kay Yang and her firms to pay over $24 million for committing a retail forex
fraud that targeted members of the Hmong minority group.

France’s
financial market supervisors, Autorité des Marchés Financiers (AMF) and the
Autorité de Contrôle Prudentiel et de Résolution (ACPR), have jointly flagged
14 forex trading websites operating in the country without authorization. The
watchdogs announced
the addition of the new sites to their blacklist today (Friday).

According
to the regulators, the
illegal platforms include action-sure.com, algo-robot.co, eu.vtmarkets.com,
fxwinning.pro and fxwinning.net. Also included in the list are mainet.business, mainetfrance.com, morganfinance.trade, rxkcapital.com and
weareturbo.io. The others are xmarket-finance.com, xmonetatrading.com,
autofxbroker.com and polarbtc.com.

Since the
start of the year, AMF and ACPR have identified and added 22 illegal forex trading
platforms to the blacklist. However, no new website offering unauthorized
cryptocurrency derivatives to French citizens has been spotted during the
period.

AMF Tackles
Automated FX Trading

The latest
addition to the blacklist follows AMF’s recent warnings against automated forex
trading platforms. Last month, the financial watchdog flagged Immediate
Connect, an
investment scheme that tricked investors into registering with unauthorized platforms that offer automated trading in forex and cryptocurrency
derivatives, with the promise of high returns.

Similarly,
AMF earlier this year warned investors against patronizing the services
of unregulated companies selling subscriptions to their automated forex trading robots.
The regulator sounded the alarm after it received several reports from
investors and institutions, mainly those in French overseas territories, about
firms offering fraudulent trading robot software in the forex market.

Regulatory
Actions in Other Regions

Outside of
France, other market supervisors are actively battling the continued rise in
fraudulent forex trading and investment schemes. On Friday, the UK
Financial Conduct Authority (FCA) blacklisted clones of Interactive Brokers and
Polar Capital LLP.

Earlier
this week, New Zealand’s financial watchdog slammed a stop order on Validus and all its associated
companies. The regulator said the company, which supposedly
invests in
forex, crypto and stock markets, was enticing investors by promising a 350%
return on investment after over 60 weeks.

Furthermore,
the US Securities and Exchange Commission (SEC) during the week dragged Florida
resident Sanjay
Singh to court for allegedly raising $112 million through an FX
Ponzi scheme that promised investors 325% returns. Similarly, a US court
recently ordered a commodity pool operator Kay Yang and her firms to pay over $24 million for committing a retail forex
fraud that targeted members of the Hmong minority group.

Time Stamp:

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