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50 Forex and Crypto Firms on This Regulator's 2024 Warning List: Is Your Broker There?

source-logo  financemagnates.com 10 July 2024 10:30, UTC

French financial watchdogs have added 50 new websites to their blacklist of unauthorized platforms offering forex and crypto-asset derivative investments this year, as part of ongoing efforts to protect investors from potential scams.

France Expands Blacklist of Unauthorized Forex and Crypto Platforms

The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) identified 24 unauthorized forex sites and 26 crypto-asset derivative platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.

Among the newly flagged forex platforms are aboveinvesting.pro, fortnomics.com, and westhillcapital.pro. The crypto-asset derivatives category now includes sites such as actions-coins.com, ixxen.com, and tradezila.com. In total, AMF and ACPR added over twenty new entites, the full list of which is available here.

“With the aim of protecting savers, the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Forex) and in derivative products whose underlying asset is made up of crypto-assets, without being authorized to do so,” the AMF statement reads.

The regulators emphasized that their blacklists, while regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult official registers of authorized financial service providers maintained by French authorities.

The AMF and ACPR warned that unlisted entities may be operating illegally and failing to comply with investor protection standards, proper information disclosure, and complaint handling procedures.