The FinancialCommission News
Latest News
Thailand Nabs Major Forex Fraudster
January 18, 2021
Thai law enforcement authorities are indicating that they have arrested the alleged mastermind of a Forex-3D ponzi scheme that totaled a whopping $66 million. The Bangkok Post reported last week that Apiruk Kothi has been captured after nearly a year on the run. The alleged scheme kingpin was in the process of...
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Reverse Solicitation Gets Notice from ESMA
January 13, 2021
Following the completion of Brexit negotiations and the “divorce” of the UK and European Union without clear guidelines on financial services cooperation, including passporting rights, the European Securities and Markets Authority (ESMA) published a notice today regarding reverse solicitation by financial firms of European residents. The notice deals with “reverse solicitation, where...
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NAGA Reports Solid 2020 Financials
January 11, 2021
NAGA GROUP, the Germany-based provider of the social network for financial market trading NAGA.com has reported its financial performance for 2020 and indicated growth in several key areas with positive guidance for 2021. The company booked EUR 25.9 million in sales for 2020 with an unaudited EBITDA of approximately EUR 6 million....
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CFDs Get a Bad Rep in South Africa
January 8, 2021
According to a recent report from Finance Magnates, Contracts for Difference (CFDs) are having a hard time at adoption in younger regional regulatory regimes. The news portal reported that IG Group’s South African entity has had trouble bringing CFDs onboard for client trading primarily due to the fact that South Africa’s Financial...
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US Retail FX Deposits Mixed for November 2020
January 7, 2021
The retail US Forex market saw mixed results when looking at retail client deposits - a metric provided by the US Commodity Futures Trading Commission. In November 2020 all registered US FX brokers gained only $1,810,875 in new retail client deposits. Newcomer IG US experienced a 3% rise, while veteran broker GAIN...
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IG Group Migrating European Clients Out of UK
January 6, 2021
In a further sign of what impacts Brexit is having on financial service providers with no passporting rights left in place since the divorce of the UK and EU on December 31st, IG Group’s UK entity has informed its European clients that they must migrate their accounts to IG Europe in order...
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Malaysia Warns of Unlicensed Investment Advisors
December 30, 2020
In an effort to educate the public of the ongoing problem with online investment and trading scams, often highlighted by our organization, the Malaysian Securities Commission (SC) has published a note guiding citizens on how to approach any possible investment or trading advisors that may try to solicit business. The regular indicated...
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EU Passporting Rights for UK Brokers Are Ending December 31
December 29, 2020
With the European Union and United Kingdom swiftly approaching the end of the Brexit transition period on December 31, 2020, and no immediate relief is provided in the so-called “Brexit Deal”, brokers licensed in the UK will lose passporting rights on January 1st and will not be able to service European traders...
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Israeli-based eToro Eyeing US IPO in 2021
December 28, 2020
According to the Israeli technology news site Ctech, the social trading and multi-asset brokerage eToro is eyeing an initial public offering (IPO) in the second quarter of 2021 following stellar growth in 2020 with a doubling of revenue and addition of 5 million new customers. The technology news site reports that eToro...
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Interactive Brokers Calls its Eastern European Clients to Migrate to Hungary
December 23, 2020
Interactive Brokers asks its Eastern European clients to transfer their accounts to the newly formed Hungarian subsidiary Interactive Brokers Central Europe Zrt. The brokerage company is sending emails to its clients across Eastern Europe requesting their permission to transfer accounts from the UK regulated office (IBUK) to a new branch recently launched...
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IG US Continues to Outperform Established Brands in US
December 8, 2020
The latest data for October 2020 from the Commodity Futures Trading Commission for Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) shows the continued success of IG US LLC - the recently launched US entity of London-based online trading juggernaut, IG Group. At the same time, the data shows a...
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Major Trading Outages Reported at IBKR and Robinhood
December 7, 2020
In what seems like a regular occurrence as of late, individual equities trading providers Interactive Brokers and Robinhood have experienced major trading outages this morning during the European and US sessions, as reported by FinanceMagnates. There has been a renewed demand for single stock equities by traders primarily in the United States...
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Issues with Client Refunds at USGFX
December 4, 2020
Australia licensed broker USGFX has informed clients that it is unlikely to be able to return client funds as previously scheduled as part of its liquidation process, which began earlier this year. According to Finance Magnates, the issue stems from the migration of AU domiciled customers into the broker’s Vanuatu entity. For...
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Poland Gearing Up for Possible Max Leverage Adjustment
December 2, 2020
The Polish financial regulatory body KNF has begun conducting a survey regarding the possible reduction in maximum leverage allowed for conducting Contracts for Difference (CFD) trading in the country, according to Finance Magnates. One may recall that Poland rejected implementing such changes previously when the European Securities and Markets Authority (ESMA) provided...
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Australian Broker AETOS Warns of Clone
November 12, 2020
Australian based online brokerage AETOS AU has warned existing and prospective clients regarding a clone website set up to fraudulently imposter the ASIC regulated broker. The company announced the warning via a pop-up on its website (see below). Click to enlarge The broker noted that the attempted cloning...
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Commission News
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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SCAM ALERT: Updated Warning List
January 19, 2021
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of EquitTrade, Fund-Max, Explicittradeworld, Forte Investment Company, Investflow (Seabreeze Partners Ltd.), DBFX LIMITED, Global FX Insurance, and Bitcoin Wealth Investment Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has...
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Financial Commission Publishes 2020 Annual Summary Highlighting 25% Membership Growth and...
January 13, 2021
January 14th, 2021, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2020 Complaints Summary. The organization achieved record annual growth in key metrics, as well as significant membership expansion during a challenging year impacted by the Covid-19 pandemic while maintaining a...
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Financial Commission Reports Increased Awards to Traders and Other Key Metrics...
January 12, 2021
January 12th, 2021, The Financial Commission announces continued growth in submitted and resolved complaints, as well as compensation awarded to traders for December 2020 as part of its monthly Complaints Digest. The organization recorded a significant increase in resolved complaints, percentage of awarded compensation, and several other key metrics while achieving an...
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SCAM ALERT: Updated Warning List
January 5, 2021
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of Antarigroup, EliteFx Trader Inc., 24tradeway, Wide Horizon Global Investment, ALU TRADER, Option Trade Investment, BlancoFX, GoldCoinXM, and NobleCoinInvestment, Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined...
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Financial Commission Announces AmorFX as Latest Approved Member
December 24, 2020
December 24, 2020, The Financial Commission today announces AmorFX 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. AmorFX status as an Approved Broker...
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SCAM ALERT: Updated Warning List
December 16, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of United-Asset Finance, Cryptoberg, Fin888group, FX-Trade.com, Zenithwealth.net, Bfxtrading, Imarketstock, FXswith, Universe-Trade, and Finantiko Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined that the indicated companies and associated websites may...
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Financial Commission Reports Increased Values of Complaints and Other Key Metrics...
December 15, 2020
December 15th, 2020, The Financial Commission announces a steady rise in values of submitted complaints, as well as compensation sought from traders for the month of November 2020 as part of its monthly Complaints Digest. The organization recorded a slight decrease in newly filed complaints for the month while experiencing growth in...
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Financial Commission Announces Participation in Virtual Vision Finance Expo Online
December 14, 2020
Join us at our virtual booth on December 17th 2020! Virtual Vision Finance December 14, 2020, The Financial Commission today announces its participation in the Virtual Vision Finance, which will take place online Thursday, December 17th 2020. All interested parties are invited to book a meeting and our...
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Financial Commission Appoints Dr. Can Pamir to its Dispute Resolution Committee...
November 25, 2020
November 25, 2020, The Financial Commission today announces the appointment of Dr. Can Pamir, Founder, and CEO of Pamir Consultancy, to its Dispute Resolution Committee (DRC). Enhancing the DRC structure Mr. Pamir is the 33d industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry...
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Financial Commission Announces Titan FX as Latest Approved Member
November 23, 2020
November 23, 2020, The Financial Commission today announces Titan FX 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. Titan FX status as an...
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SCAM ALERT: Updated Warning List
November 20, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of GlobalspotFX (Trade Com Limited), Profit Assist (Seebreaze Partners Ltd.), Universe Trade, GenesisFXpool (GenesisFXpool Investment Co, Ltd (GFX)), GTFMarkets, (Global Trading Finance Markets LTD), Corex Brokers, FrankfurtFX, PFME Globals Inc, Stock Trading Capital LTD, BitFx Mining. Upon...
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Financial Commission Announces Doto as Latest Approved Member
November 18, 2020
November 18th, 2020, The Financial Commission today announces Doto 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. Doto status as an Approved Broker Members...
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Financial Commission Experiences Boost in October Operating Metrics As Trader Activity...
November 16, 2020
November 16th, 2020, The Financial Commission announces a significant rise in its operating metrics for the month of October 2020 as part of its monthly Complaints Digest. The organization recorded a significant uptick in newly filed complaints for the month while experiencing growth in compensation awarded to traders, the compensation sought, and...
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Financial Commission Announces Trade99 Membership Withdrawn
November 2, 2020
November 2nd, 2020: The Financial Commission today announces that the membership status of Trade99 has ceased following a voluntary withdrawal. Trade99 had met its obligations as a Financial Commission member up until October 30th, 2020, when its membership was effectively withdrawn. Financial Commission notes that it will not be able to process...
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Regulatory Actions
Malta’s MFSA Warns of Betal Trade FX
January 15, 2021
The Malta Financial Services Authority (MFSA) has issued a notice warning investors and traders of an unlicensed entity Betal Trade FX. The regulator indicated that the company purports to have a “category 3 licence by the Malta Financial Services Authority in terms of which it is authorised to provide investment services from...
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US SEC Fines More Firms For Trading Related Matters
December 22, 2020
In what now seems like a regular occurrence, the US Securities and Exchange Commission (SEC) has announced more fines levied against broker-dealers. This time the regulator has announced the settlement of administrative litigation against two Canadian firms, which purportedly provided “incorrect order-marking information” for customer trades. In essence, the two hedge funds...
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UK Branch of Popular Equities Broker Charles Schwab Fined by FCA
December 21, 2020
The Financial Conduct Authority (FCA) of the United Kingdom has announced today that they have fined the UK branch of a popular American equities broker Charles Schwab. This comes just days after the US Securities and Exchange Commission fined another popular equities broker - Robinhood for lapses in its efforts to provide...
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Popular Equities Broker Robinhood Fined $65M
December 18, 2020
The US Securities and Exchange Commission (SEC) has announced an enforcement action against popular US equities broker Robinhood Financial, LLC relating to the execution of traders' orders, which stipulates a fine of $65 million to be paid to the regulators to settle the matter. The enforcement action stems from “Robinhood’s failure to...
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Malta Warns of Unlicensed Broker FXTrade Gains
December 11, 2020
The Maltese Financial Services Authority (MFSA) today announced a warning on its official website regarding an unlicensed firm called FXTrade Gains. The regulator indicated that the company’s “website is making unauthorized use and reference to the license number, registered address, and other company details of a Maltese licensed company.” The regulator further...
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CySEC Adds More Firms to Warning List
December 10, 2020
Investors and traders should be advised that the Cypriot Securities and Exchange Commission (CySEC) has issued new warnings against a number of unauthorized firms. The companies purport that they are licensed to provide services through the regulator via a Cyprus Investment Firm (CIF) authorization, but in reality do not have such authorization....
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CySEC Fines MaxiFlex €370,000
December 3, 2020
Cyprus’ Securities and Exchange Commission (CySEC) announced today that it has settled allegations of violations by CIF license holder Maxiflex Ltd. to the tune of 370,000 Euros. The regulator indicated that the firm possibly violated Τhe Investment Services and Activities and Regulated Markets Law of 2017 during an investigation conducted by the...
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ASIC Cancels AFS Licenses for Jels Financial and Selectinvest
November 30, 2020
The Australian Securities and Investments Commission announced the cancellation of several financial services licenses last week. The licenses were revoked from Jels Financial Group Pty Ltd and Selectinvest Pty Ltd due to the lack of audited financial statements reporting, among other irregularities. ASIC reported that in the case of Jels Financial Group...
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Authorities in the US Warn of Forex Trading Scheme
November 26, 2020
Even authorities in heavily regulated jurisdictions have to deal with suspicious financial and investment activities, possible fraud, and scams. This week regulatory authorities in Texas announced a warning and emergency cease and desist order against what is described as an “aggressive online forex scheme”. The Texas State Securities Board issued the order...
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More Alerts from CySEC Regarding Unlicensed Firms
November 17, 2020
The Cyprus Securities and Exchange Commission has announced more warnings against unregulated firms operating in its purview. In its message on the official website the regulator warns that the below listed websites and associated companies are either clones of previous active firms or are outright misleading the public on their affiliation with...
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Italy’s CONSOB Continues Blocking Unauthorized Firms
November 11, 2020
Italian financial regulator Commissione Nazionale per le Società e la Borsa, or CONSOB continues to aggressively pursue unauthorized online brokerages and financial firms from soliciting business from Italian residents using the so-called “Decreto Crescita” to block access to websites via Internet Service Providers (ISPs). The latest round of warnings and restrictions...
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Malaysian Regulator Warns of Rising Clone Scams
November 5, 2020
The Securities Commission Malaysia (SC) has published a public warning today regarding the increase in clone firm scams affecting the country. The regulator indicated that “clone firms offer non-existent investment opportunities including in the shares of these PLCs, promising unrealistically high returns within a short span of time.” The genuine PLCs or...
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SEC Fines Israeli Education Provider $130,000
October 27, 2020
The US Securities and Exchange Commission (SEC) has announced charges against an Israeli education provider called Tradenet Capital Markets Ltd. that provided day trading services to its clients with unlicensed investment activity, according to a notice published on its website. The company has been fined $130,000 for ignoring the registration requirements designed...
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ASIC Takes Action Against Ponzi Schemes
October 26, 2020
According to the latest notice from the Australian Securities and Investments Commission (ASIC), the regulator has acted upon two “Ponzi schemes” and the Australian Federal Court has made restraining orders against two companies believed to be engaged in such Ponzi activity. According to ASIC, the AU government has arrested Matthew Alan Beresford...
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Australian Court Fines CFD Brokers $75 Million
October 20, 2020
The Federal Court of Australia has announced a decision to fine several CFD brokers after numerous complaints from retail investors who lost money trading certain derivatives products, namely binary options contracts. The fines relate to AGM Markets Pty Ltd (AGM), OT Markets Pty Ltd (OTM), and Ozifin Tech Pty Ltd (Ozifin). Customers...
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