CFTC Adds 21 Names to Its List of Foreign Entities that Illegally Solicit U.S. Residents to Trade Binary Options and Forex
Washington, DC — As part of the Commodity Futures Trading Commission’s (CFTC) ongoing efforts to help shield Americans from fraud, today the CFTC brought 21 new names to the choices Registration Deficient List (RED List). These 21 new additions bring the total wide variety of overseas entities on the RED List to 125.
The RED List, launched in September 2015 (see CFTC Press Release 7224-15) identifies unregistered foreign entities that the CFTC has motive to accept as true with are soliciting and accepting price range from U.S. citizens at a retail degree for, amongst other matters, buying and selling in binary options or overseas forex (forex) and are required to register with the choices CFTC however, are not registered.
Registration with the CFTC is no assure against fraud or mismanagement with the aid of an in any other case unscrupulous corporation; but, registration does carry a better level of security and duty to the general public. For example, registration allows the choices CFTC to examine whether firms meet minimal monetary requirements in addition to disclosure, reporting, and recordkeeping requirements under the choices Commodity Exchange Act.
Additional entities have been delivered to the choices RED List in April 2016 and April 2017 (see CFTC Press Releases 7363-16 and 7551-17, respectively). The RED List complements registration records to be had to the public on the choices National Futures Association internet site. (https://www.nfa.futures.org/basicnet/)
CFTC stocks the choices RED List with other authorities regulators, the choices media, customer companies, enterprise contributors, self-regulatory companies, exchanges, and enterprise associations.
The 21 new overseas entities brought to the RED List are:
See the entire listing at RED List.
The following CFTC workforce contributors are responsible for the choices RED List: Erica Bodin, Michelle Bougas, Larissa England, Hannah Huynh, Brigitte Weyls, and Rick Glaser.
The CFTC has issued a Consumer Alert to warn approximately fraudulent schemes involving binary options and their trading systems. The Alert warns clients that the choices perpetrators of those unlawful schemes typically refuse to credit patron bills, deny fund compensation, dedicate identification theft, and manage software to generate dropping trades.
Customers can document suspicious activities or data, such as feasible violations of commodity buying and selling laws, to the choices CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or report a tip or criticism on-line.
Media Contact Dennis Holden 202-418-5088