CFTC charges 14 FX dealer firms for fraudulent registrations claims

The Commodity and Futures Trading Commission has sued 14 entities for fraudulently claiming to be registered as futures commission merchants (FCM) and retail foreign exchange dealers (RFED).

The list of entities includes Betatradeoptions.com, Bitfinmarket.com, Bit Block FXtrades, Bit Trading, Cross Trade FX, Fast Option Subdivision, Garantitrademiness.com, Garantitrademinex.net, Instantearners247.com, Prime Finance Network, Sparkleswhite.com, TFX Trading, Trust Pay Market and Voltfxtrade. According to CFTC’s announcement, they claim to be based in United Kingdom, Sweden, North Dakota, New York, California, and Arkansas.

CFTC

The US regulator seeks a cease-and-desist order against the firms from violations of the Commodity Exchange Act (CEA) and CFTC regulations.

CFTC’s complaint detailed that these entities have claimed to be registered FCMs and RFEDs and members of NFA since January 2023. Twelve of the companies claim to have an identical NFA identification number and two have a different but identical number.

Director of Enforcement Ian McGinley, said:

Today’s actions continue to reflect the CFTC’s ongoing efforts to vigorously protect customers and promote market integrity by taking action against bad actors seeking to promote themselves through false claims of registration.

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