The Commodity Futures Trading Commission (CFTC ) has charged to court 14 retail foreign exchange dealers (RFED) and Futures Commission Merchants (FCMs) for “fraudulently claiming” to be registered with the agency. The US derivatives market watchdog announced the charges on Friday, noting that the platforms claim to be based in the US, the UK and Sweden.
According to CFTC, the platforms are Cross Trade FX, Bit Block FXtrades, Bit Trading, Voltfxtrade, Bitfinmarket.com, Fast Option Subdivision and Garantitrademiness.com. The others are Garantitrademinex.net, Prime Finance Network, Trust Pay Market, Instantearners247.com, TFX Trading, Betatradeoptions.com and Sparkleswhite.com.
Today @CFTC announced it charged 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). Learn more: https://t.co/bFziPogzdW
— CFTC (@CFTC) April 21, 2023
According to CFTC, from at least January this year, the platforms have been claiming to be registered FCMs and RFEDs. They also falsely claimed to be members of the National Futures Association (NFA), a membership-based self-regulatory organization for participants in the US futures and derivatives markets. However, they in fact "are not registered with the CFTC,” the regulator pointed out.
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