Broker Updates During Apr. 19-25

Vietnam

Exness New Director

1. Shlomi Dubish has been known as eToro's former Head of Creative Content since 2016. Prior to that, he was a co-founder and Creative Director of Sweefit. With extensive experience in the field of marketing and branding, Shlomi Dubish is expected to be a new breeze, directing the global content program and enhancing the public image of Exness Group.

Regulatory Violation

2. FCA's Financial Regulatory Authority suspended FXVC's UK office for its regulatory violation. The FCA alleges that this broker used too many inappropriate techniques to promote services.

New Tool

3. Last week, ATFX announced the global launch of its cutting-edge financial market research and data analysis platform. Dubbed AT Premier, the platform will begin to roll out in Middle Eastern markets before finding a foothold worldwide.

Indonesia

Fraudulent Brokers

4. The following is a list of scam forex brokers based on a report released by Bappebti:

-PT Arta Mas Futures was formerly known as PT Bimasakti Berjangka faced a lawsuit from three customers because they were deemed not to have disbursed their investment funds with a value of Rp2.48 billion, Rp760.61 million and Rp.30.39 million, respectively.

- PT Arta Berjangka Nusantara

Address is not clear, it is difficult to withdraw, the resignation of Broker management.

- PT Axo Capital Futures

Misuse of customer funds, contract agreements with illegal clauses.

- PT Buana Investment Global Futures

Perform illegal acts with customer funds in the Segregated Account

- PT Cayman Trust Futures

Do not store customer funds in segregated accounts, misuse of customer funds, manipulation of data in monthly reports to regulators.

Thailand

Official Announcement

5. The Australian Securities and Investments Commission (ASIC) announced that it has decided to ban the sale of binary options to retail traders in Australia. During ASICs reviews in 2017 and 2019, the regulatory authority found that around 80% of retail clients lost money trading binary options.

According to the official announcement, the ban on the issuance and distribution of binary options to retail traders in Australia will take effect from Monday 3 May 2021. ASIC mentioned that binary options are likely to result in cumulative losses to retail clients because of their product characteristics.

Compliance Measures

6. The Cyprus Securities and Exchange Commission (CySEC) has published the results of a review of the compliance measures taken by the regulated entities on Wednesday, including FX and CFDs brokers, showcasing various discrepancies.

The regulator highlighted that many companies operating with a Cyprus Investment Firm (CIF) license are not specifying the severity of risks of the offered financial instruments, which is mandatory for all regulated firms.

Japan

Transaction Data

7. These tables are the monthly Retail OTC Currency Binary Option transactions summaries reported by FFAJ(Financial Futures Association of Japan) members.(Up-to-Date: Apri.14,2021)

Commonwealth of Independent States (CIS)

Payment System

8. From April 15, 2021, the conditions for making transfers using the ADVCash payment system will change. The service commission for top-ups will be 0.5% of the transfer amount. At the same time, the withdrawal fee will be 2%, broker Alpari announced at their website.

CFD contracts

9. In accordance with the changes on the side of the liquidity provider, from April 26, 2021, on the Standard and NDD accounts of the MetaTrader 4.0 trading platform, the size of CFD contracts on BCHUSD and ETHUSD will be changed from 1 coin to 10 coins.