CFTC Updates Red List with 34 New Scammer Entities

CFTC Updates Red List with 34 New Scammer Entities

A total of 34 new domains and company names have been added to the Commodity Futures Trading Commission (CFTC) of the US list of unregulated entities called Registration Deficient List, also known as the RED List. All these were noted for illegally offering financial services in the United States. In this particular jurisdiction it is very difficult to thrive as a broker due to the requirement set by the CFTC and the National Futures Association (NFA).

The flagged platforms offered services in FX derivatives, CFDs, and cryptocurrencies. With a few exception there were also binary options trading services, that have been allowed in the United States under very scrupulous regulations.

The backlisted firms are as follows: The Traders Domain, Dynamics FX Trade, Prime Crypto FX, FX Optimax, Cent Projects, Bitpay Options, FX-Cryptex, Octave Trade, Direct Cryptos, CryptoSphereFX, Renesource Capital, TradingDeskFX, Algobit Ltd, Wolves Trade FX, Alis Capital Inc, QuickFXTrade, Cent Projects Ltd, Swissglobaltrade.org, Bluegate Financial Services, SageFX, Pocketoption, Stockinvestmentfx, Menne Market Ltd, B.O TradeFinancials, DestroFX, Capital Forex Trade, Expirex Trade, HankoTrade, Capital Trading Hub, CloseOption, Tifu Global Limited, FXBrew, Capitalone Trade, CryptoBO, and IQFXTrade.

As disclosed by the regulator, a firm is added to the list of flagged sites when an investigation revealed proof of a lack of registration with the commission, but the firm continued to act as if though fully licensed.

None of these are regulated by the CFTC, making their presence in the United States completely illegal. A few of these have reportedly been registered in the past in various offshore jurisdictions. As of no some of flagged domains have been taken down.

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