The FinancialCommission News
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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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IG Group Closes Access to 900 Small Cap Shares.
February 23, 2021
So-called penny stocks have recently attracted the attention of not only retail traders but also regulators. The unhealthy hype created by hobbyist investors around these securities on social media has put many brokers in a tough spot. In this course, IG Group has imposed limits on margin trading in small-cap stocks. The...
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UK Compensation Scheme Awards £56.3 million to Victims
February 18, 2021
The United Kingdom’s Financial Services Compensation Scheme (FSCS) has issued a public notice that it has compensated victims of London Capital & Finance plc (LCF), which failed and went into administration in January 2019. The UK financial services compensation fund acknowledged that it had “now paid out just over £56.3m in compensation...
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Commission News
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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Financial Commission Announces Collective Investment Platform Certification for Fiboda
June 8, 2021
June 8, 2021, The Financial Commission today announces the certification of collective investment platform service provider Fiboda by Opoforex as part of its ongoing efforts to help ensure investors and authorized traders are operating in a fair and transparent environment with commonly accepted standards for operating collective investment trading accounts. Collective Investment Certification The Financial...
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Financial Commission Announces Opoforex as Latest Approved Member
June 7, 2021
June 7, 2021, The Financial Commission today announces Opoforex 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. Opoforex status as an Approved Broker Members...
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Financial Commission Announces Collective Investment Platform Certification for CopySam
May 31, 2021
May 31, 2021, The Financial Commission today announces the certification of collective investment platform service provider CopySam™ by Samtrade FX as part of its ongoing efforts to help ensure investors and authorized traders are operating in a fair and transparent environment with commonly accepted standards for operating collective investment trading accounts. Collective...
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Financial Commission Reports Increase in Trading Related Complaints and Shorter Resolution...
May 13, 2021
May 13th 2021, The Financial Commission today announces steady month over month figures for newly filed complaints, resolved complaints and other key metrics for April 2021 as part of its monthly Complaints Digest. The organization also experienced a continued rise in trading related complaints while average dispute resolution times fell to just...
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Financial Commission Publishes Latest Case Examples Highlighting Common Dispute Themes
April 21, 2021
April 21st, 2021, The Financial Commission today announces the publication of new case examples highlighting the dispute resolution process of the organization and common themes among disputes processed in the last 6 months. To review the newly published cases, please click here. The examples published today provide a detailed analysis of customer’s...
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Financial Commission Reports Increase in New Filed Complaints and Awards to...
April 7, 2021
April 7th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as awards to traders and amounts sought from member brokers for March 2021 as part of its monthly Complaints Digest. The organization also experienced a rise in trading related complaints while maintaining a steady average...
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Financial Commission Announces MetaFXGlobal Membership Ceased
April 1, 2021
April 1st, 2021: The Financial Commission today announces that the membership status of MetaFXGlobal has ceased following a decision to expel by the Board of Directors of the organization. MetaFXGlobal had met its obligations as a Financial Commission member up until March 19th, 2021, when its membership status was changed to Under...
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Financial Commission Reports Increase in Amounts Sought and Awards to Traders...
March 9, 2021
March 9th 2021, The Financial Commission announces increased amounts sought and awarded to traders, as well as average complaints values for February 2021 as part of its monthly Complaints Digest. The organization recorded a decrease in new complaints filed, but maintained a steady rate of resolved complaints, percentage awarded and several other...
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Financial Commission Announces Execution Quality Certification of AmorFX
February 19, 2021
February 19, 2021, The Financial Commission today announces execution certification for AmorFX, 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 Reports Doubling of Amounts Sought in Complaints and Other...
February 15, 2021
February 15th 2021, The Financial Commission announces continued monthly growth in submitted complaints, as well as compensation sought and awarded to traders for January 2021 as part of its monthly Complaints Digest. The organization recorded a significant increase in compensation sought, percentage of awarded compensation, complaints ruled in favour of traders and...
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Financial Commission Announces Execution Quality Certification of Lotas Capital
February 3, 2021
February 3d, 2021, The Financial Commission today announces execution certification for Lotas Capital, 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 Eagle Global Markets as Latest Approved Member
February 2, 2021
The Financial Commission today announces Eagle Global 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. Eagle Global Markets status as an Approved...
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Financial Commission Announces Execution Quality Certification of TitanFX
January 28, 2021
January 28, 2021, The Financial Commission today announces execution certification for TitanFX, 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 Lotas Capital as Latest Approved Member
January 20, 2021
January 20, 2021, The Financial Commission today announces Lotas Capital 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. Lotas Capital status as an Approved...
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Regulatory Actions
Scam ALERT: DigitalTradingOptions Added to Warning List
June 22, 2021
The Financial Commission has been notified by concerned traders regarding the company DigitalTradingOptions 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: Hallip Added to Warning List
June 21, 2021
The Financial Commission has been notified by concerned traders regarding the company Hallip 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: Evotrade Added to Warning List
June 18, 2021
The Financial Commission has been notified by concerned traders regarding the company Evotrade 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: GalorePro Added to Warning List
June 17, 2021
The Financial Commission has been notified by concerned traders regarding the company GalorePro (ITM Solutions 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: Febra Added to Warning List
June 16, 2021
The Financial Commission has been notified by concerned traders regarding the company Febra 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: GB Expert Added to Warning List
June 15, 2021
The Financial Commission has been notified by concerned traders regarding the company GB Expert 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: Finsa Investment Limited Added to Warning List
June 14, 2021
The Financial Commission has been notified by concerned traders regarding the company Finsa Investment Limited (FINSA INVESTMENT LIMITED) 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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Scam ALERT: AquaTrade Added to Warning List
June 10, 2021
The Financial Commission has been notified by concerned traders regarding the company AquaTrade 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: RoboX Added to Warning List
June 9, 2021
The Financial Commission has been notified by concerned traders regarding the company RoboX 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: TauruzFx Added to Warning List
June 7, 2021
The Financial Commission has been notified by concerned traders regarding the company TauruzFx 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: OLocate Added to Warning List
June 4, 2021
The Financial Commission has been notified by concerned traders regarding the company OLocate 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: FINMSK Added to Warning List
June 3, 2021
The Financial Commission has been notified by concerned traders regarding the company FINMSK (AAA Global 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: BND Option Trades Added to Warning List
June 2, 2021
The Financial Commission has been notified by concerned traders regarding the company BND Option Trades 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: Norde Mining Added to Warning List
June 1, 2021
The Financial Commission has been notified by concerned traders regarding the company Norde Mining 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: Bits-Finance Added to Warning List
May 31, 2021
The Financial Commission has been notified by concerned traders regarding the company Bits-Finance (Bits-Finance 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 and...
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