The notorious CFTC, or the US Commodity Futures Trading Commission, updated its RED list, in essence warning the FX public against illegal forex and binary options companies. All of these firms are illegally conducting their services, and are targeting US nationals.
The Red List, is short for ‘Registration Deficient List,’ gives investors the power to identify unlicesed entities.
The watchdog added 20 names to the list, which increases the current number of blacklisted firms to 168.
The following illegitimate brokers are the new entities added to the Red List
Allegra Markets IDB Traders/Baltic Concert LLP Capital 245 MM Financial Experts Coinexx Omega Crypto Crown Finance Omega Capitals EagleFX Platin CFD
Easy Line Pro Richmond FG F1 Trade Top Option 360 FX Dealer Trade GF FXVIP Turnkey Forex Global Capital Options VIP Businesses Grand Tradefx
Wellington INV/Bali Limited LTD
Just a week ago, the OANDA Corporation was fined with $500 000 for failing to follow certain regulations, with the most natable being its inability to meet the minimum capital requirement set by the CFTC. Another big name was also hit with a fine, this one being Gain Capital UK, which was pushed to oay a civil penaltyof $250 000.