​PaxForex Punished by the U.S. District Court!

The Commodity Futures Trading Commission (CFTC) has announced recently that PaxForex, a forex broker regulated by the Financial Services Authority St. Vincent and the Grenadines (SVGFSA), is banned and fined by the U.S. District Court for the Southern District of Texas. According to the Court, this forex platform is accused of offering illegal leveraged transactions in relation to cryptocurrencies and commodities.

Based on the verdict, PaxForex with the legal name of ‘Laino Group Limited’ is fined USD 374,864 as civil penalties and permanently banned from trading and registering.

According to the CFTCs complaint, PaxForex offered or engaged in unlawful retail commodity transactions in precious metals and digital currencies and accepted money, securities, and property in the form of bitcoin and other assets in exchange for margin trades or contracts, failing to register with the CFTC as required.

‘The CFTC strongly urges the public to verify a company’s registration with the Commission before committing funds. If unregistered, a customer should be wary of providing funds to that entity.

As a reminder, WikiFX is ready to help you search the qualifications and reputation of forex platforms to protect you from hidden dangers in the risky forex market! (bit.ly/wikifxIN)