CFTC adds 34 unregistered entities to its RED List

Steffy Bogdanova
July 15, 2022 12:01 pm

The United States Commodity Futures Trading Commission (CFTC) has revealed it has added the names of 34 new unregistered platforms to its Registration Deficient List (RED List), which are offering financial services in the country without authorization.

With the new additions, the RED list now includes over 200 entities. The new additions include: Algobit, Ltd., Cent Projects, Ltd., Alis Capital Inc., CloseOption, B.O TradeFinancials, CryptoBO, Bitpay Options, CryptoSphereFX, Bluegate Financial Services, DestroFX, Capital Forex Trade, Direct Cryptos, Capital Trading Hub, Dynamics FX Trade, Capitalone Trade, Expirex Trade, FXBrew, QuickFXTrade, FX Optimax, Renesource Capital, FX-Cryptex, SageFX, HankoTrade, Stockinvestmentfx, IQFXTrade, Swissglobaltrade.org, Menne Market Ltd., The Traders Domain, Octave Trade, Tifu Global Limited, Pocketoption, TradingDeskFX, Prime Crypto FX and Wolves Trade FX.

CFTC

Most of the platforms illegally providing financial services offer derivatives trading with forex and cryptocurrencies. Among the assets classes offered by the entities are also binary options, which are heavily scrutinized in the US.

The US regulator stated:

A firm is added to the RED List when the CFTC determines, from investigative leads and public inquiries, that it is not registered with the Commission and appears to be acting in a capacity that requires registration, such as trading binary options, foreign currency (forex) or other products.

According to US regulation, entities offering trading in derivatives products need to register with the CFTC and be a member of the National Futures Association (NFA).

CySEC regularly updates its warning list and June the regulator added seven new unregulated entities.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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