Broker Updates During May 24-30

Vietnam

Fraudulent Brokers

1. Hanoi police dismantled a group of four illegal exchanges involved in gold, crypto currency and foreign currency trading, with a scale of hundreds of billions of VND, including: RForex.com, Y.A.I BROKER, VISTA FOREX, EXSWISS.

Suspects from RForex.com, under the disguise of legal entity RForex Ltd in the UK, have attracted a total transaction amount of hundreds of billions of VND. Among the victims, some have invested more than 10 billion VND.

LicenseRevoked

2. The Cyprus financial regulator, CySEC, has issued a decision to revoke the license of Stocks Forex AF Ltd, which operates the Forex4Group brand.

The decision came after Stocks Forex AF Ltd requested to give up its CIF license once the company was liquidated. In a notice published on its website, the company emphasized that it has returned all customer funds.

FBSSponsorship

3. Sports sponsorship is one of branding methods that many brokers are interested in these days. FBS is also not an exception when becoming the latest unit to sign a sponsorship contract with Leicester, one of the leading football clubs in England.

The Foxes football team members wearing the new shirts with the FBS logo for the first time in the final Premier League match against Tottenham Hotspur at King Power Stadium on May 23.

Indonesia

Illegal DomainsBlocked

4. The Ministry of Trade (Kemendag) through the Commodity Futures Trading Supervisory Agency (Bappebti) blocked 137 domains consisting of 117 websites, 12 Instagram accounts, and 8 Facebook accounts of entities in the commodity futures trading (PBK) sector that do not have permission from Bappebti.

The Commodity Futures Trading Authority (CoFTRA) received complaints from the public about the existence of forex investment offers on the pretext of selling trading robots by Smartxbot or Smartx Net89 via the internet. Based on the observation, these websites make forex investment offers through the sale of robot packages by cooperating with futures brokers.

Thailand

CFDs Retail Contracts

5. IC Markets is expanding its retail contracts for differences (CFDs) offerings by adding 950 new company stocks and 3 cryptocurrencies. The newly added products will include the share CFDs of highly-sought global companies like German Covid vaccine manufacturer, BioNTech, a consumer technology company, Eventbrite, and an e-Commerce platform provider, Shopify.

Suspicious Platforms

6. Italian securities market regulator Consob has continued its crackdown on the suspicious platforms and added six fresh domains providing financial services to its blacklist on Thursday.

The latest addition to the list of suspicious financial service providers has taken the blacklisted platform count to a total of 452.

The red-flagged platforms are Tremisa Ltd, Tradixa Ltd, E-Trade Planet, Beradora Ltd, Holding Limited Bolton and Bolton First Credit Limited, and Niwix Limited.

Japan

Transaction Data

7. Number of Over-The-Counter Retail FX Margin Trading Operators : 52 (as of April 30, 2021)

Volume : 540632.6 billion JPY

Open Positions(as of the end of the month) : 7940.3 billion JPY

Short : 4196.8 billion JPY

Long : 3743.4 billion JPY

Commonwealth of Independent States (CIS)

Fraud Platform

8. Broker Efi Ad, which claims to be a regulated broker, turned out to be nothing but a scammer.

According to the data presented on their website, it‘s regulated by a British regulator. However, confirmation of this information wasn’t found in the official registers. Besides, the site's domain was only launched in 2021, not 2018 as it mentioned on the website.

Client Agreement

9. FIBOGROUP informed its clients that a new version of the Client Agreement will come into effect on June 5, 2021. As the company informs, the new version has already been posted on the website in the “Documents” section.