November 30, 2018, The Financial Commission today announces Etheralabs as its newest Blockchain Association approved member. The company joins a growing list of digital asset firms that are committed to upholding the highest standards of commercial honor and best business practices in the crypto and Blockchain space.
Member firms provide their current and future customers the opportunity to have any issues that arise from transacting in digital currencies to be examined and reviewed by the Blockchain Expert Committee. By doing so, association members contribute to a new self-regulatory process to resolve issues with their customers that have never previously been offered by regulators or other self-regulatory organizations.
Blockchain Association member firms also have the unique opportunity to consult with industry experts, legal and compliance professionals and fellow association members on how to solve common issues arising from the physical exchange of digital currencies by customers, storage of digital assets on the Blockchain, as well as questions about regional regulations and compliance in key global markets where digital currencies are in very high demand.
About Etheralabs
Etheralabs is a New York City based venture lab and ecosystem that invests in, builds, and deploys disruptive technologies across the Blockchain landscape. Our acceleration model lays the foundation for taking promising IP from both concept to company and from revenue to profitability. Our processing cycle culminates with a fully functioning portfolio venture that is ready to attract follow-on funding, an acquisition partner, or operate as a standalone company. We follow an intensive model, premised on a fundamentally different approach to IP development. Etheralabs fast-tracks ideas into solutions that help high-growth companies with a focus on capital appreciation and scale via early stage identification and accelerated resource deployment.
About Financial Commission
Founded in 2013, the Financial Commission is a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and CFD markets.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
To find out how the Commission is expanding efforts into self-regulation and transparency for the digital currencies and Blockchain markets, please visit the Blockchain Association page of our website.
August 15th, 2017 Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, operated by FinaCom PLC, announces the convening of roundtable on August, 29 at 6 pm (Moscow time) to discuss how forex business may develop in the environment of stricter regulation both in Russia and globally.
Stricter regulation of the forex market both in Russia and globally calls into question the existence of many brokerage companies. Leading experts in the industry will gather at the roundtable on August, 29 at 6 pm (Moscow time) to discuss how forex business may develop in such environment, what regions are attractive for entrance and how to promote such services. Petr Tatarnikov, Chairman of the Board of Directors of the Financial Commission, Nikolai Isaev, CEO of the Dartek Consulting, and Valentina Drofa, Director General of Drofa communications agency will take part in the event. The round table will be an online event.
“With the start of the market regulation era in Russia and tightening of the business in the UK and Europe in general, forex companies costs have significantly increased. However, there are still chances for development: for example, the US market can be opened for new players because of the abolition of the Dodd-Frank law, besides some peripheral Russian-speaking countries show some interest in forex. Which markets to enter and how exactly to do it, will be discussed in detail at our event,” Peter Tatarnikov commented.
“Access to the market for unregulated participants will soon be closed completely. What alternative jurisdictions may be of interest, what is the stand of the Russian regulator on the matter of forex industry and what to do with tools that are not yet affected by the law, meaning e.g. binary options – here is a far from complete list of issues to discuss during the round table, Isayev adds.
“The idea of the event surfaced as a result of my communication with the owners of forex companies over the past 3-4 months. The key question everybody asks now – how to work to remain effective in the ever tighter environment. In order to give the most information on the issue, we decided to gather experts in one place and to talk about how we see the development of the industry, ” Valentina Drofa says.
The round table is intended for owners and employees of financial companies only. Registration for the event is required. You can register by the link http://toomuchmoney.ru/
For details of participation, please, call +7499 110 41 72
November 8th, 2017 Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, operated by FinaCom PLC, today announces that the membership status of Dragon Leader Services Ltd (DLS) has ceased following a breach of contractual obligations.
DLS had not met its contractual obligations as a Financial Commission member and was expelled for non-payment of its dues, starting from November 8th, 2017 when company’s membership was ceased.
Financial Commission notes that it will not be able to process any new complaints from DLS, following its expulsion from Financial Commission as of the date of this announcement and moving forward.
Furthermore, DLS’s clients will not be eligible for reimbursement from Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Financial Commission from a portion of membership dues.
An updated list of current and prior members can be found on FinancialCommission.org, including members that have either been expelled or withdrawn voluntarily.
Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end-clients who are retail traders and investors.
Financial Commission requires that member firms strictly adhere to membership rules to maintain good standing on an ongoing basis. To learn more about our membership requirements and certification process, contact us or visit https://financialcommission.org
November 1st, 2017 – The Financial Commission (FinaCom LTD), a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces the appointment of Nikolai Isayev as Chief Operating Officer (COO).
Financial Commission continues to build on the growth of its operations including new divisions launched to cater to emerging self-regulatory needs of technology providers and our existing and new members. Mr. Isayev will help guide operational strategy to uphold Financial Commission’s mission statement to provide efficient and transparent dispute resolution services to market participants.
Prior to joining Financial Commission, Nikolai held a number of senior roles for GAIN Capital Group’s Forex.com brand, with a concentration across various regions including Russia, Eastern Europe, Australia and the US. While at GAIN Capital Group, Nikolai held senior marketing roles which included managing and coordinating across related efforts tied to trading signal products and platform technology localization in many regions of the world including five years in Russia and the Commonwealth Independent States (CIS) for the broker.
Nikolai is the founder and president of New York-based Dartek Consulting, a boutique advisory firm providing marketing and consulting services to venture capital firms, crypto companies and online brokerages.
Financial Commission Chairman, Peter Tatarnikov said: “Nikolai is a seasoned industry executive with a strong skill-set in marketing-related operations across a number of important regions where Financial Commission’s members are focused. Nikolai’s consulting background and prior positions made him a perfect candidate to help lead our operations and we are delighted to welcome Nikolai as Financial Commission’s COO.”
The warning list is to inform the public of companies that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing, which includes the conduct listed below:
Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program
The warning list is to inform the public of companies that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing, which includes the conduct listed below:
Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program
The warning list is to inform the public of companies that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing, which includes the conduct listed below:
Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program
Theft or misappropriation of funds
Fraudulent or unlicensed offering
False or misleading statements about a company
Other fraudulent conduct
October 13, 2017: Financial Commission adds Bit24 to its Warning List
About Warning List
The warning list is to inform the public of companies that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing, which includes the conduct listed below:
Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program
Theft or misappropriation of funds
Fraudulent or unlicensed offering
False or misleading statements about a company
Other fraudulent conduct
October 9th, 2017, The Financial Commission (FinaCom LTD), a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces acceptance of Bitcoin and Ethereum as a payment method for companies using Financial Commission services.
Invoices payable in Bitcoin or Ethereum
The range of compliance services offered by Financial Commission to existing members and third party companies, including membership and technology certification, are typically paid in either US dollars, Euros, or other equivalent amount of fiat currency.
Companies now have the option to pay their Financial Commission dues and related service fees in Bitcoin or Ethereum, and with more supported cryptocurrencies expected to be made available before the end of the year.
Blockchain Economy
Financial Commission acknowledges the emergence of the digital asset economy and the importance of vendors being able to accept and remit digital assets for the purpose of payment for services, and following the launch of its ICO Certification service aimed to help Financial Technology (Fintech) companies.
Financial Commission Chairman, Peter Tatarnikov, said: “Following the launch of our ICO Certification service last quarter, and our certification of Genesis Vision, it was a logical step to accept cryptocurrency as a payment method for the services we provide to companies.”
“The ability to accept and remit cryptocurrencies is an important first step for companies participating in the new blockchain economy, and Financial Commission is pleased to support companies that wish to use their digital assets, including bitcoin and ethereum, as payment for our services.”About Financial Commission
About Financial Commission
Founded in 2013, Financial Commission is an industry-supported and fully independent Self-Regulatory Organization (SRO) whose members join on a voluntary basis, subject to approval and strict adherence to membership rules in order to maintain good standing.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms, supported by Financial Commission’s Dispute Resolutions Committee (DRC). Financial Commission’s ICO certification service provides accelerated due diligence for mature and emerging blockchain startups seeking crypto financing through ICOs, based on certification standards established by Financial Commission’s ICO Certification Committee (ICC). To learn more about Financial Commission, visit https://xcv.financialcommission.org or contact us directly at [email protected]
October 3, 2017: Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, today warns the public of CTOptions and a pseudo-clone entity mimicking Financial Commission in an attempt to clone Financial Commission’s brand and masquerading with purported services.
Financial Commission was recently contacted with information indicating that aforementioned clone entity and a representative claiming to be from CTOptions.com was impersonating Financial Commission’s brand and services by using a like-minded logo while purporting to offer fictitious services in what appears to be an attempt to scam customers.
A copy of the documents that were shown to Financial Commission can be seen here below, which we have affixed the word “Clone” to highlight this warning to the public:
Financial Commission has taken measures to notify parties that the perpetrator is a pseudo-clone not associated with Financial Commission in any way and may be operating a fraud as victims indicated the entity was offering insurance in connection with the brokerage account trading.
The aforementioned parties including CTOptions and the clone are not members in any way or affiliated with https://xcv.financialcommission.org and we informed the public with this announcement that the entities may be unlawfully impersonating Financial Commission.
The great lengths that companies may go to help perpetrate a fraud can be difficult for even the most cautious investors to detect. Be sure that the .org suffix is at the end of the URL when searching for our website, or clicking on related links when attempting to visit https://xcv.financialcommission.org and contact us to verify any email you receive from anyone claiming to be affiliated with Financial Commission.
October 2nd, 2017, The Financial Commission, a leading financial services independent external dispute resolution (EDR) organization, today announced the successful certification of a web-based monitoring and risk management platform – Broker Pilot.
The Financial Commission conducted its rigorous review of Broker Pilot monitoring and risk management platform, to ensure they met the technical information requirements of the Commission’s technology certification evaluation process. The Financial Commission established a comprehensive list of points to verify including system security, capacity, business disaster recovery and a continuity plan, as well as reporting and record keeping, among other fields deemed important to certify.
Financial Commission Chairman Peter Tatarnikov said regarding the new certification, “Broker Pilot platform is the latest technology certified by the Financial Commission and we will be happy to see more software providers certifying their products with us. Today we gladly announce successful certification of Broker Pilot monitoring and risk management platform provided by IndigoSoft LTD and believe it is a great step to leverage its credibility and grow its business globally.”
About Broker Pilot
Provided by IndigoSoft LTD, Broker Pilot is a web-based monitoring and risk management platform which aggregates data from many trading servers in realtime. This is a virtual Chief Dealer, which automates the work of dealers and instantly responds to various situations in emerging markets, minimizing the company’s financial losses. It facilitates convenient and simple integration into the broker backend API.
About Financial Commission
The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission. The Financial Commission set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market. The Financial Commission was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system.
Technology developers seeking membership status with the Financial Commission can learn more about the process and expected requirements as part of the technology certification process in advance of applying for membership or in the preparation of submitting an application.
For more information, please contact The Financial Commission: [email protected]
September 29, 2017: Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, servicing online Forex and CFD brokerages and technology providers within the financial services industry, today announces the appointment of Valery Dolgov to its Dispute Resolution Committee (DRC).
Enhancing the DRC structure
Valery Dolgov is the latest industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry professionals, who follow a non-bias protocol to process and resolve complaints from our members’ clients.
Valery Dolgov has finished a postgraduate degree in the Saratov state Technical University, specializing in IT. Since 2003 he has created trading algorithms, platforms, liquidity API for hedge funds, managing companies and brokers. He has many years of successful trading experience in financial markets and great experience as a Chief Dealer. Valery has earned a reputation as one of the best professionals in the industry.
Peter Tatarnnikov, Financial Commission Chairman, said “We are extremely pleased to welcome Valery Dolgov to the Financial Commission’s Dispute Resolution Committee. Valery is a proven industry expert whose experience will help boost our dispute resolution process.”
About Valery Dolgov
Valery has created his own IT-company, IndigoSoft LTD, which has united a team of highly skilled specialists in the field of broker software development. The accumulation of extensive practical experience and skills has allowed him to create a new unique product – Broker Pilot. This is a corporate web-platform, which takes the technological level of dealing to an unprecedentedly high level of quality. This platform has realtime monitoring, risk management and automatic management of broker business processes. Valery’s goal is to create new technologies and provide them to management companies and brokers.
About Financial Commission
Founded in 2013, Financial Commission is an industry-supported Self-Regulatory Organization (SRO) whose members join on a voluntary basis, subject to approval and strict adherence to membership rules, to maintain good standing.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
September 26th, 2017, The Financial Commission (FinaCom PLC), a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces that HDForex (Tbilisi Traders Club) has re-joined Financial Commission as category B member.
HDForex had previously held membership status from March 2015 through September 2016, and now re-joins with approved membership status effective as of September 25th, 2017 after acceptance FinaCom PLC’s board.
As a category B Member, HDForex and its customers are entitled to a wide range of services and membership benefits including, but not limited to, protection for up to $5,000 per submitted claim, backed by the Financial Commission’s compensation fund.
The Financial Commission is an industry-specialized independent organization that provides a cost effective and efficient method for processing and resolving disputes that arise with consumers of firms that hold approved membership status.
Commenting on the new membership approval, Financial Commission Chairman Peter Tatarnikov said, “We are pleased to see HDForex return to Financial Commission and reapply for membership. Over time, brokerages and technology providers see the long term value of being members with Financial Commission, to help demonstrate transparency, self-regulatory efforts, and provide their clients access to DRC-processed complaints and compensation fund eligibility.
The door is open for firms that left on good terms and not from expulsion, just as we encourage new and existing market participants to consider the ancillary benefits of Financial Commission membership”
About HDForex
HDForex is a broker that offers a wide range of products and services, such as currencies, commodities, indices, CFDs and a variety of accounts including self-directed trading and PAMM accounts. HDForex aims to provide excellent service, analytics, and quality trading education, while giving clients the best trading experience across available financial markets. HDForex equips traders with innovative products, services and knowledge. To learn more about HDForex, please visit https://HDForex.com
About Financial Commission
Founded in 2013, Financial Commission is an industry-supported Self-Regulatory Organization (SRO) whose members join on a voluntary basis, subject to approval and strict adherence to membership rules in order to maintain good standing.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms. To learn more about Financial Commission, visit https://xcv.financialcommission.org
September 21st, 2017, The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces the addition of Vitaly Bulychev to Financial Commission’s Initial Coin Offering Certification Committee (ICC).
The ICC was recently founded by Financial Commission Chairman Peter Tatarnikov, and joined by FinaCom’s board member Alexey Pavlenko, DRC member Simon Grunfeld – who is the acting head of the ICC, Steven Hatzakis, Avi Mizrahi, Dmitri Turkevich, Bryan Feinberg, Theodosis Mourouzis followed by Vitaly Bulychev
Commenting on the announcement, Financial Commission Chairman, Peter Tatarnikov said: “We are pleased to welcome Vitaly Bulychev to the ICC and glad to see that the ICC is attracting a diverse range of blockchain industry experts and thought leaders across fintech. Vitaly Bulychev brings extensive experience to help support our efforts of improving standards and establishing a baseline of best practices that every ICO issuer should demonstrate as part of the ICO Certification process.”
ICC members volunteer to help improve ICC standards for ICO issuers that apply for Financial Commission’s ICO certification service, by following an extensive due diligence process while verifying whether issuers can demonstrate compliance to meet all standards including mandatory criteria as required for approval.
Vitaly Bulychev is known as an entrepreneur, investor and researcher in the field of distributed ledger technology since 2012. Inspired by the opportunities of decentralization and synergy of cross-disciplinary competencies, Vitaly invested in a number of crypto-related projects, including industrial-scale mining and the management of a private investor pool. At the moment, Vitaly is working on Pandora Boxchain, a project on global decentralized economy of artificial intelligence, and also consults and participates in the implementation of a number of projects, in particular, the processing platform, delegated democracy tools and solutions in the field of cybersecurity.
About Financial Commission
Founded in 2013, Financial Commission is an industry-supported Self-Regulatory Organization (SRO) whose members join on a voluntary basis, subject to approval and strict adherence to membership rules, to maintain good standing.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
The ICO Certification service is offered out of Financial Commission’s St. Vincent and the Grenadines (SVG) entity, FinaCom Ltd. To learn more about Financial Commission’s technology certification services, including the ICO Certification service for Fintech companies, click here or visit https://xcv.financialcommission.org
September 20th, 2017, The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces Carrax as its newest approved Member.
Carrax’s status as a B-category Member of the Financial Commission took effect on September 19, 2017, following the approval of its membership application by FinaCom PLC’s board, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to $5,000 per submitted claim, backed by the Financial Commission’s compensation fund.
Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs and foreign exchange (forex) markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Carrax joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.
About Carrax
Founded in 2010, Carrax is a licensed and regulated by FSA online Broker-Dealer. The company Carrax is ECN / STP Forex broker providing services on the international Forex market for online trading. The company provides uninterrupted access to the best Forex quotes instant and market execution for ECN / STP technology from today’s best service provider partner of the Company AMTS Solutions. The company offers its our clients honest ECN-trading and access to the best liquidity flows. Carrax highly appreciated among traders from around the world that use algorithmic trading systems and advisers. Perfectly formed trading conditions make feel comfortable for any trader, from beginner to professional. Carrax widely presented in regions such as Asia, Africa, CIS, middle and far East.
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission.Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.