The FinancialCommission News
ASIC Releases IDR Reporting Documents
July 19, 2021
The Australian Securities & Investments Commission (ASIC) has announced the publication of internal dispute resolution (IDR) reporting documents for a pilot project with registered companies for the second half of 2021. The goal of the pilot project is to streamline the IDR process across ASIC registered firms and the Australian Financial Complaints...
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ASIC Extends Temporary Relief for Foreign Brokers to 2023
June 29, 2021
The Australian Securities and Investments Commission (ASIC) announced this month that it is extending the temporary relief put in place for foreign financial service providers (FFSPs) that would otherwise be required to submit an application for a local Australian license. Such firms can now continue to operate in Australia until March 31,...
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German Police Announce Arrests of Scammers in Kosovo
April 22, 2021
German law enforcement has conducted a series of raids and arrests of alleged participants in fraudulent investment companies and brokers. According to a notice from the Bamberg Prosecutor General’s Office and the Police Headquarters in Schwaben, Germany some 18 people were arrested. The authorities apparently also conducted searches at 17 different...
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CMC Markets Halts Countdown Trading Ahead of ASIC Ban
April 13, 2021
The international brokerage CMC Markets has announced to its Australian clients that it will no longer offer Countdown trading on its platform ahead of the ban on binary options trading by the Australian Securities and Investments Commission (ASIC) that is coming into effect on May 3, 2021. The broker indicated that such...
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CySEC Publishes Broker Deficiencies in Regulatory Review
April 8, 2021
The Cyprus Securities and Exchange Commission (CySEC) has published a review of its Cyprus Investment Firms (CIF) and identified a number of deficiencies, as well as good practices among brokers it regulates. The regulator noted that most deficiencies are in risk assessment, monitoring activities and compliance and indicated that “the management...
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ASIC Bans Binary Options in Australia
April 5, 2021
The Australian Securities and Investments Commission (ASIC) announced last week that binary options trading in Australia will be banned starting on the 3rd of May 2021. The regulator indicated that its review of the binary options market in 2017 and 2019 showed that approximately 80% of traders lost money in binary options....
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US Man Pleads Guilty in Forex Scam
March 31, 2021
The U.S. Attorney’s Office for the Eastern District of New York yesterday announced the guilty plea of New York resident Tae Hung Kang, also known as “Kevin Kang,” in the securities fraud case related to a scheme involving foreign exchange trading that targeted members of the Korean-American community. The authorities indicated...
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Indian Police Bust Two Individuals in $1.7M Forex Scam
March 29, 2021
Police in India have reported that they have nabbed two suspects of an alleged Forex scam approximately worth up to $1.7M. Victims reported that they were contacted by unknown individuals and lured investors to “Deltin International Foreign Exchange in order to earn high profits.” The investigation and subsequent arrests were the...
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CySEC Issues New Warning Against Unauthorized Firms
March 25, 2021
The Cyprus Security and Exchange Commission (CySEC) has issued a new warning against unregistered firms operating under the guise of having a Cyprus Investment Firm (CIF) license. The websites in question are listed below: geverestfx.com cryptopros.ltd frankfurtfx.com bullishfxmarkets.com goeverups.com Investors are always advised to Check their broker before opening an...
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SEC Faults Bahamian Broker for Operating in US Illegally
March 24, 2021
The US Securities and Exchange Commission (SEC) has sued a Bahamian-based brokerage for illegally operating in the United States, according to a notice from March 22, 2021. The company MintBroker International Ltd., operating as SureTrader and headed by co-defendant Guy Gentile allegedly “operated an offshore broker-dealer that marketed its ability to help...
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Crackdown on Unauthorized Brokers Continues in Italy
March 22, 2021
Italy’s financial regulator - the Commissione Nazionale per le Società e la Borsa (CONSOB) has continued its efforts to protect its citizens from unregulated financial companies and possible online scams. The regulator announced on Friday that it has blocked five more websites of such firms and is advising all traders to take...
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Compensation for Failed UK Broker Clients Drags On
March 16, 2021
Administrators for failed UK brokerage SVS Securities have notified the public that compensation roll-out or payments may finally be coming this year. According to Finance Magnates, the administrator, Leonard Curtis, has scheduled a hearing to approve milestones in the administration process that may finally yield compensation payments to former clients of the...
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Italian Regulator CONSOB Continues Crackdown on Scams
March 15, 2021
Italy’s financial regulator - the Commissione Nazionale per le Società e la Borsa (CONSOB) has continued its efforts to protect its citizens from unregulated financial companies and possible online scams. The regulator announced on Friday that it has blocked several more websites of such firms and is advising all traders to take...
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US NFA Warns of Phishing Email Scam
March 4, 2021
The US National Futures Association (NFA) yesterday warned market participants and registered entities in an email notice of a campaign involving fraudulent emails being sent purportedly from NFA staff. The regulator indicated that unknown parties are imitating specific NFA staff in order to send an attachment in the email communications. The NFA...
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Axi Resolves ASIC Licensing Issue
March 1, 2021
AxiCorp, a multi-regulated financial broker operating under the Axi brand has announced today via press release that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) last month. The broker indicated that “the suspension was never put into effect and Axi...
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Financial Commission Announces 4xCube Membership Withdrawn
September 30, 2021
September 30th, 2021: The Financial Commission today announces that the membership status of 4xCube has ceased following a voluntary withdrawal. 4xCube had met its obligations as a Financial Commission member up until September 30th, 2021, when its membership was effectively withdrawn. Financial Commission notes that it will not be able to process...
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Meet Our Team at the IFX EXPO International in Cyprus
September 27, 2021
September 27, 2021, The Financial Commission will be exhibiting at the 2021 IFX Expo International which will take place on 4-6 October at the Parklane Hotel in Limassol, Cyprus. Valued broker members and interested parties are invited to join Commission representatives at our dedicated booth #62 to discuss Financial Commission’s services for...
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Financial Commission Reports Increased Amounts of Awards to Traders Among Key...
September 14, 2021
September 14th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts awarded to traders for August 2021 as part of its monthly Complaints Digest. The organization also experienced a slight slowdown in already swift average dispute resolution times, with 7.6 days average for the...
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Financial Commission Announces Execution Quality Certification of Fiber Markets
September 8, 2021
September 08, 2021, The Financial Commission today announces execution certification for Fiber Markets, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with...
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Financial Commission Announces Fiber Markets as Latest Approved Member
August 30, 2021
August 30, 2021, The Financial Commission today announces Fiber Markets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Fiber Markets status as an Approved...
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Financial Commission Certifies Samtrade Academy as an Educational Provider
August 18, 2021
August 8th, 2021 – The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), CFDs, derivatives, and cryptocurrency markets, today announces Samtrade Academy as a certified educational provider The Financial Commission conducted a thorough review of the educational content Samtrade...
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Financial Commission Announces Partnership with Your Bourse as Part of Value-Added...
August 12, 2021
August 12, 2021, The Financial Commission today announces a partnership with Your Bourse - a unique and leading Platform-as-a-Service fintech provider for the retail brokerage and institutional marketplace looking to optimise their trading experience and results. With this new partnership, The Financial Commission opens up a new benefit for members when they...
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Financial Commission Reports Improved Resolution Times and Rise in New Filed...
August 11, 2021
August 11th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts sought by traders for July 2021 as part of its monthly Complaints Digest. The organization also experienced a noticeable improvement in already swift average dispute resolution times, with a 6.5 days average for...
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Financial Commission Announces Partnership with Finwizard to Help Members’ in Their...
July 27, 2021
July 27th, 2021, The Financial Commission today announces a partnership with Finwizard - a new HR consulting service specific to the online brokerage industry to help broker members find the right candidates for their hiring needs. The new Value-added service allows Financial Commission broker members to enjoy 50% off any fees for...
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Financial Commission Announces Execution Quality Certification of DeltaFX
July 26, 2021
July 26, 2021, The Financial Commission today announces execution certification for DeltaFX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Announces Exness as Latest Approved Member
July 22, 2021
July 22, 2021, The Financial Commission today announces Exness as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Exness status as an Approved Broker...
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Financial Commission Announces Partnership with GetID to Help Members’ Streamline Customer...
July 15, 2021
July 15th, 2021, The Financial Commission today announces a partnership with GetID - a comprehensive and customizable service that helps businesses verify identities, streamline customer onboarding, stay compliant with regulations and prevent fraud. The new Value-added service allows Financial Commission broker members to enjoy 50 free verifications* for this unique ID verification...
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Financial Commission Reports Continued Growth in 1H 2021 Complaints Digest
July 13, 2021
July 13th, 2021, The Financial Commission today announces its operating metrics for the first half of 2021 as part of its ongoing Complaints Digest publications highlighting the organization’s performance. Continued interest in trading volatile global financial markets following the Covid-19 pandemic has led to significant changes in some key metrics of the...
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Financial Commission Announces Fxview as Latest Approved Member
July 6, 2021
July 6, 2021, The Financial Commission today announces Fxview as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Fxview status as an Approved Broker Members...
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Financial Commission Reports Doubling of Amounts Sought and Awarded to Traders...
June 9, 2021
June 9th 2021, The Financial Commission today announces significant increases in key metrics, including new complaints filed, amounts sought and awarded in May 2021 as part of its monthly Complaints Digest. The organization also experienced a further spike in trading related complaints while average dispute resolution times increased to 7.2 days for...
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Scam ALERT: BTC Auth Added to Warning List
October 15, 2021
The Financial Commission has been notified by concerned traders regarding the company BTC Auth (btcauth ltd) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders...
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Scam ALERT: Folionet Financial Added to Warning List
October 14, 2021
The Financial Commission has been notified by concerned traders regarding the company Folionet Financial and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Traders Codes Added to Warning List
October 13, 2021
The Financial Commission has been notified by concerned traders regarding the company Traders Codes (Depaho Ltd) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders...
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Scam ALERT: 247 Capital Market Added to Warning List
October 12, 2021
The Financial Commission has been notified by concerned traders regarding the company 247 Capital Market and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: 247 Trading Capital Added to Warning List
October 11, 2021
The Financial Commission has been notified by concerned traders regarding the company 247 Trading Capital and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders...
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Scam ALERT: Raden Capital Ventures Added to Warning List
October 8, 2021
The Financial Commission has been notified by concerned traders regarding the company Raden Capital Ventures and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: QuickFundsRecovery Added to Warning List
October 7, 2021
The Financial Commission has been notified by concerned traders regarding the company Quick Funds Recovery and its associated website. Upon reviewing the submitted information from potential customers of this company, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Prime Capitals Added to Warning List
October 6, 2021
The Financial Commission has been notified by concerned traders regarding the company Prime Capitals and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors....
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Scam ALERT: SunRay Added to Warning List
October 5, 2021
The Financial Commission has been notified by concerned traders regarding the company Sunray (Sunray Capital Group Ltd) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud...
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Scam ALERT: KeyFunders Added to Warning List
October 4, 2021
The Financial Commission has been notified by concerned traders regarding the company KeyFunders (Paramaunt Holdings LLC) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders...
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Scam ALERT: Just-Broker Added to Warning List
October 1, 2021
The Financial Commission has been notified by concerned traders regarding the company Just-Broker (Just Broker LTD) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website are in violation of Financial Commission rules and...
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Scam ALERT: BL Chain Capital Added to Warning List
September 30, 2021
The Financial Commission has been notified by concerned traders regarding the company BL Chain Capital and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Fintel Trade Added to Warning List
September 29, 2021
The Financial Commission has been notified by concerned traders regarding the Fintel Trade and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors. As...
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Scam ALERT: Fixmon Added to Warning List
September 28, 2021
The Financial Commission has been notified by concerned traders regarding the company Fixmon (Fixmon LLC) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Capital BitfastTrade Added to Warning List
September 27, 2021
The Financial Commission has been notified by concerned traders regarding the company Capital BitfastTrade (Capitalbitfasttrade Group Ltd) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and...
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