New 14 Platforms Blacklisted by CFTC

New 14 Platforms Blacklisted by CFTC

The United State’s financial regulator – the CFTC – has red-listed 14 trading platforms in a global effort to intensify its local market supervision. The 14 fraudulent companies were all claiming to be licensed to operate in the U.S. Most of them offer binary options trading with cryptocurrencies and forex currency pairs.

The official CFTC announcement revealed that none of the 14 companies have ever been registered as futures commission merchants (FCMs), but were nonetheless claiming a Commodity Futures Trading Commission and National Futures Association (NFA) approval.

The names of the 14 companies are as follows: Smarter Signals, Prime Expert Trade, Star Fx Pro, Cryptofxtrader, MaxForexOption, Bitfxprofit, Tradingforexpay, Climax Capital FX, BinanceFxTrade, ProCryptoMinners, ProFX-Capitals, Digitalexchange24.com, Excotradeoptions, and Globalnationfx,

Despite the efforts by both the NFA and the CFTC, many investment platforms offer to US citizens unregulated trading services. Some of these companies are well-know firms, regulated, that nevertheless offer illicit derivative products to United States traders.

Nevertheless, an increasing number of companies are reaching the much desired joint CFTC-NFA approval. One mjor player is Coinbase, currently waiting approval from both regulators.

The CFTC is considered the most severe regulator in the world. All holders of its license are alos required to have an NFA approved license to offer trading services in the US.

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