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Abstract：The Registration Deficient List of unregistered platforms providing financial services illegally in the United States has grown by 34 more names, according to the Commodity Futures Trading Commission (CFTC) (RED List).
These platforms are functioning illegally in the United States.
Several of these platforms have been discontinued.
The Registration Deficient List of unregistered platforms providing financial services illegally in the United States has grown by 34 more names, according to the Commodity Futures Trading Commission (CFTC) (RED List).
These include Algobit, Ltd., Cent Projects Ltd.; Alis Capital; CloseOption; Bitpay Options; Bluegate Financial Services; DestroFX; Bluegate Financial; Capital Forex Trade; Direct Cryptos; FXBrew; QuickFXTrade; FX-Cryptex; Sage FX Platforms.
These platforms mainly provide trading in derivatives with forex, cryptocurrency, and other asset types. Some of them even offer binary options, which are legal in the United States but illegal in the United Kingdom and the European Union.
“A company is added to the RED List when the CFTC concludes, based on investigation leads and public queries, that it is not registered with the Commission and seems to be working in a capacity that requires registration,” according to the regulatory release.
Platforms must be registered with the CFTC and members of the National Futures Association to provide derivatives products in the United States (NFA).
There are 34 companies on the RED list, but none of them have been granted permission to conduct business in the United States. It's possible that some of them have an offshore license. At least one of them falsely claims to be regulated by the CFTC. Since then, several platforms have been taken down.
Almost all of them seem to be fraudulent sites, with at least one accepting solely Bitcoin deposits.
French authorities banned 20 such illicit forex trading websites last month, while Cyprus, Italy, and the United Kingdom frequently update their warning lists.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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