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French Financial Authorities Discover 15 Illegal Forex Platforms
Abstract：Fifteen new websites offering foreign exchange investment services in France without proper licensing have been discovered by the French Financial Market Authority (AMF) and the French Prudential Supervision and Resolution Authority (ACPR). Authorities investigating the financial markets uncovered a fraudulent website that advertised derivative contracts based on a wide range of underlying assets, including digital currencies.
The French Financial Market Authority (AMF) and the French Prudential Supervision and Resolution Authority (ACPR) have identified 15 new unlicensed websites in the nation that provide FX investing services. Financial market regulators also discovered an unlawful portal that offered derivative contracts with a variety of underlying assets, including cryptocurrency.
Both regulators made the announcements on Wednesday and cautioned French retail investors “against the actions of various firms providing investments in forex and crypto-asset derivatives in France without being authorized to do so.”
The AMF and ACPR have discovered 15 illegal forex websites.
Unauthorized forex websites, according to the AMF and ACPR, include:
www.1market.com/fr
www.24cryptoforextrading.net
www.bitictrade.com
www.boursecapital.net
www.cryptoneyx.io
Also unauthorized are:
www.fr.finaguide.com
www.lions-broker.com
www.multibankfx.com
www.fr.puprime.net
www.raisefx.com
The authorities have also banned the following illicit forex platforms:
www.traderhouse.com
www.valutamarkets.com
www.vestapros.com
www.t4trade.com
www.virtuscapital.world
In the recent update, however, the French markets watchdogs have identified www.silveriz.fr as an unlawful crypto-asset derivatives supplier.
In 2022, the percentage of unlicensed forex sites will decrease.
According to AMF and ACPR, the overall number of banned unlicensed forex sites this year has decreased by 30% to 49 platforms, down from 61 last year. This is despite the fact that the number of French retail investors fell by 35% in the third quarter of the year.
Furthermore, regulators have warned just two platforms trading crypto-asset derivatives this year, a 92% decrease from the 24 unlawful websites flagged in 2021.
In response to the latest updates, the French financial markets regulator asked investors to clarify whether the suppliers of their financial goods and services are licensed to operate in the nation. They advised them to do so by reviewing their registers of approved investment service providers and authorized intermediaries in the financial investment adviser and crowdfunding categories.
“If the intermediary in question does not appear on either of the last two lists, we strongly advise you not to use their services, as they are in violation of the applicable legislation and are not required to comply with basic investor protection, information disclosure, and claims handling rules,” they explained.
Stay tuned for more Forex Regulatory news.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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