French Regulators Blacklist 14 Illegal Forex Trading Platforms

<p>France’s
financial market regulators, 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. Both watchdogs <a href="https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-and-acpr-warn-public-against-activities-several-entities-offering-france-investments-forex-and-4#xts=607212&amp;xtor=RSS-3&amp;type=RSS" target="_blank" rel="follow">announced</a>
the addition of the new sites to their blacklist today (Friday).</p><p>More Websites on the Blacklist</p><p>According
to the regulators, the
illegal platforms include action-sure.com, algo-robot.co, eu.vtmarkets.com,
fxwinning.pro and fxwinning.net. Also, mainet.business, mainetfrance.com, morganfinance.trade, rxkcapital.com and
weareturbo.io are also included in the list. Additionally, the others consist of xmarket-finance.com, xmonetatrading.com,
autofxbroker.com and polarbtc.com. </p><p>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. </p><p>AMF Tackles
Automated FX Trading</p><p>The latest
addition to the blacklist follows AMF’s recent warnings against automated forex
trading platforms. Last month, the financial watchdog <a href="https://www.financemagnates.com/forex/frances-amf-cautions-against-automated-fx-crypto-trading-scheme/" target="_blank" rel="follow">flagged Immediate
Connect</a>, an
investment scheme that tricked investors into registering on unauthorized platforms that offer automated trading in forex and cryptocurrency
derivatives, with the promise of high returns.</p><p>Similarly, the AMF earlier this year <a href="https://www.financemagnates.com/forex/french-regulator-warns-against-fx-trading-robots/" target="_blank" rel="follow">warned investors</a> 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.</p><p>Regulatory
Actions in Other Regions</p><p>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) <a href="https://www.fca.org.uk/news/warnings/interactive-brokers-polar-capital-clone-fca-authorised-firm" target="_blank" rel="follow">blacklisted clones</a> of Interactive Brokers and
Polar Capital LLP.</p><p>Earlier
this week, New Zealand's financial watchdog slammed <a href="https://www.financemagnates.com/forex/fma-stops-firm-promising-350-returns-on-fx-and-crypto-in-60-weeks/" target="_blank" rel="follow">a stop order on Validus</a> and all its associated
companies. The regulator said that the company, which supposedly
invests in
forex, crypto and stock markets, was enticing investors by promising a return of 350% on investments after over 60 weeks. </p><p>Furthermore,
the US Securities and Exchange Commission (SEC) <a href="https://www.financemagnates.com/forex/fx-ponzi-scheme-deceived-1500-individuals-with-false-promise-of-325-returns/" target="_blank" rel="follow">dragged Florida
resident</a> Sanjay
Singh to court during the week for allegedly raising $112 million through an FX
Ponzi scheme that promised investors returns of 325%. Similarly, a US court
recently ordered a commodity pool operator Kay Yang and her firms <a href="https://www.financemagnates.com/forex/us-court-orders-pool-operator-to-pay-over-24m-for-fx-fraud/" target="_blank" rel="follow">to pay over $24 million</a> for committing a retail forex
fraud that targeted members of the Hmong minority group. </p>

This article was written by Solomon Oladipupo at www.financemagnates.com.