Broker Updates on June 7 - June 13

Vietnam

Opoforex Membership

1. The Financial Commission has approved Opoforex to become its official member. According to an announcement, the Financial Commission believes that Opoforex's addition is a testament to FinaCom's growing interest in independent external dispute resolution.

The benefit Opoforex gets is that its customers can access membership services and features such as insurance and rights protection program valued up to 20,000 euros per complaint filed, supported by the Compensation Fund of the Financial Commission.

Crypto CFD Trading

2. Juno Markets, a retail broker offering forex and CFD trading, announced on Monday the addition of crypto CFDs to its product list. The broker will initially offer trading services with three crypto pairs: BTCUSD, ETHUSD, and XRPUSD. This number will be expanded in the future.

New Financial Product

3. easyMarkets, a CySEC regulated forex broker, has announced to add US and EU listed shares to its products list, especially for MetaTrader 4.

easyMarkets customers can now deposit, trade and withdraw in Bitcoin with the newly launched Bitcoin-based currency account product.

Indonesia

Suspect Arrested

4. The police has arrested a suspect in connection with the Lucky Star fraud case. Police said Lucky Star had made fraudulent investments under the guise of forex trading since 2007.

Lucky Star Group had actually been registered with the Ministry of Law and Human Rights. However, in practice, Lucky Star's forex trading is pure fraud.

Thailand

Authority Warnings

5. The United Kingdom‘s Financial Conduct Authority (FCA) issued warnings on two companies acting as clone firms of licensed financial businesses. UBS Capital Wealth and ICO Crypto are on the regulator’s watch, as fraudsters are using UBS AG and Swiss Re Capital Markets Limited details, respectively, to try to convince people that they are legit.

In the case of UBS Capital Wealth, the UK FCA says fraudsters are using www.ubscapitalwealth.com and www.myubscanada.cc domains to impersonate UBS AG, although they do not provide a registered address where their supposed offices are located.

Authority Announcement

6. The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that Bogofinance Capital Markets Ltd., which operated retail FX broker brand FXJet, is no longer a member of the Investors Compensation Fund (ICF).

Japan

Administrative Action

7. The Financial Futures Association of Japan(FFAJ) took action in June 1, 2021 against two members of the association.

• FX PRIME by GMO Inc.

FX PRIME by GMO posted “No Slippage (0%)” in its web ads between Sep. 6, 2017 and Nov.18, 2019, despite it was impossible to eliminate slippage in its system and it had received several complaints.

The Kanto Local Finance Bureau of the Financial Services Agency (FSA) took administrative action on this matter in Aug. 2020 and issued a business improvement order from the Securities and Exchange Surveillance Commission.

• Saxo Bank Securities Inc.

In July 2020, Saxo Bank leaked personal information of 38,026 persons. There were insufficient measures to prevent its recurrence with regard to weak management of system risks and external contractors.

In September 2020, FSA issued an administrative action and a business improvement order from the Securities and Exchange Surveillance Commission.

Commonwealth of Independent States (CIS)

New Website

8. The licensed forex dealer FINAM FOREX (part of the FINAM Group of Companies) has launched a new website - finamfx.ru. The corporate page is distinguished by easy navigation and modern responsive design - its size is automatically adjusted to the screen resolution of any mobile device.

Forex Award

9. AMarkets won an award “Best Introducing Broker (IB) Program” from the World Forex Award. The program allows broker partners to earn money by promoting AMarkets services among traders and investors.