The U.S. Commodity Futures Trading Commission (CFTC) has filed charges against 14 legal entities operating online trading platforms for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). Each complaint seeks an order directing the respondent to cease and desist from committing violations of the Commodity Exchange Act (CEA) and CFTC regulations.
The entities, which claim to be based in the United Kingdom, Sweden, North Dakota, New York, California, and Arkansas, are Betatradeoptions.com, Bitfinmarket.com, Bit Block FXtrades, Bit Trading, Cross Trade FX, Fast Option Subdivision, Garantitrademiness.com, Garantitrademinex.net, Instantearners247.com, Prime Finance Network, Sparkleswhite.com, TFX Trading, Trust Pay Market and Voltfxtrade.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to vigorously protect customers and promote market integrity by taking action against bad actors seeking to promote themselves through false claims of registration,” said Director of Enforcement Ian McGinley.
The complaints allege that from at least January 2023 to the present, the entities have claimed to be registered FCMs and RFEDs with the CFTC and members of NFA but, in fact, are not registered with the CFTC. Twelve of the entities claim to have an identical NFA Identification number. The remaining two claim a different but identical NFA Identification number.
