French Regulators Blacklist 14 Ilegal Foreign exchange Buying and selling Platforms

14 Unauthorised Foreign Currency Trading Websites are Flagged by France

The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s monetary market supervisors, have jointly warned 14 foreign exchange trading websites operating within the country without authorization. At this moment (Friday), the watchdogs announced that the brand-new websites had been added to their blacklist.

As per the authorities, the illicit websites include

Since the year’s beginning, 22 illegal foreign exchange trading platforms have been identified by the AMF and ACPR and added to the blacklist. However, throughout that time, no new website has been observed offering French citizens unlicensed cryptocurrency derivatives.

The most recent inclusion to the blacklist comes in response to the AMF’s most recent cautions against automated platforms for buying and selling foreign exchange. The financial watchdog reported Instant Join last month. It was a fundraising scam that deceived investors into enrolling with unapproved platforms that offered automatic buying and selling in cryptocurrencies and foreign exchange derivatives in exchange for large returns.

Similarly, earlier this year, the AMF cautioned consumers not to support unlicensed businesses that advertise subscriptions to their automated foreign exchange trading robots. The authority issued a warning after receiving several reviews regarding companies offering fraudulent purchasing and selling of robotic software in the foreign currency market from consumers and establishments, mostly in French overseas territories.

Away from France, several market supervisors are fighting hard to stop the ongoing surge in illegitimate foreign exchange trading and financing operations. The UK Monetary Conduct Authority (FCA) placed Interactive Brokers and Polar Capital LLP clones on a blacklist on Friday.

The financial regulator for New Zealand issued a cease-order against Validus and all of its affiliated companies earlier this week. The regulator claimed that the business, which purports to invest in cryptocurrency, foreign exchange, and stock markets, drew in purchasers with its guarantee of a 350% return on investment after more than 60 weeks.

Additionally, Sanjay Singh, a native of Florida, was dragged before the US Securities and Trade Commission (SEC) throughout the week for allegedly raising $112 million through an FX Ponzi scam that assured investors of 325% returns. Similarly, a US court case recently mandated that commodities pool operator Kay Yang and her companies pay more than $24 million for engaging in a retail foreign exchange scam targeted mostly at Hmong minority members.

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