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50 Forex and Cryptocurrency Firms on This Regulator’s 2024 Warning List: Is Your Broker There?
This year, French financial regulators added 50 new websites to their blacklist of unauthorized platforms offering derivative investments in forex and cryptocurrencies, as part of ongoing efforts to protect investors from potential scams.
The Financial Market Authority (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have identified 24 unauthorized forex sites and 26 cryptocurrency derivatives platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.
Among the newly reported 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 have added over twenty new entities, the complete list of which is available here.
“In order to protect savers, the Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Currency Exchange ) and in derivative products whose underlying asset is crypto-assets, without being authorised to do so,” the AMF statement reads.
In the past, the French regulator’s warning list has also included more well-known brands, including popular cryptocurrency exchanges. In May, AMF
Notified on Bybitthe second largest exchange in spot market trading and one month ahead on the Bitget platform.
Regulators have stressed that their blacklists, although regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult the official registers of authorized financial services providers maintained by the French authorities.
The AMF and ACPR have warned that unlisted entities may be operating illegally and failing to comply with investor protection standards, proper disclosure and complaint handling procedures.
Number of scams on the rise in France
Last month’s report indicates that the cryptocurrency scam problem in France is worsening. AMF Ombudsman’s Office Liberated its annual report for 2023, noting an increase in cryptocurrency cases compared to the previous year. The number of disputes rose to 54, with 17 considered admissible, involving issues with stablecoins and practices in which some market participants used “reverse solicitation” to circumvent AMF registration.
Previously, the regulator had also released a report on financial scams, revealing that 15% of the French populationincluding 35% under the age of 35, fell victim to such scams last year.
Marie-Anne Barbat-Layani, President of the AMF, highlighted in the report that 2023 is a key year, as it marks the 20th anniversary of the regulator and sets out its strategic guidelines for the period 2023-2027.
This year, French financial regulators added 50 new websites to their blacklist of unauthorized platforms offering derivative investments in forex and cryptocurrencies, as part of ongoing efforts to protect investors from potential scams.
The Financial Market Authority (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have identified 24 unauthorized forex sites and 26 cryptocurrency derivatives platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.
Among the newly reported 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 have added over twenty new entities, the complete list of which is available here.
“In order to protect savers, the Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Currency Exchange ) and in derivative products whose underlying asset is crypto-assets, without being authorised to do so,” the AMF statement reads.
In the past, the French regulator’s warning list has also included more well-known brands, including popular cryptocurrency exchanges. In May, AMF
Notified on Bybitthe second largest exchange in spot market trading and one month ahead on the Bitget platform.
Regulators have stressed that their blacklists, although regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult the official registers of authorized financial services providers maintained by the French authorities.
The AMF and ACPR have warned that unlisted entities may be operating illegally and failing to comply with investor protection standards, proper disclosure and complaint handling procedures.
Number of scams on the rise in France
Last month’s report indicates that the cryptocurrency scam problem in France is worsening. AMF Ombudsman’s Office Liberated its annual report for 2023, noting an increase in cryptocurrency cases compared to the previous year. The number of disputes rose to 54, with 17 considered admissible, involving issues with stablecoins and practices in which some market participants used “reverse solicitation” to circumvent AMF registration.
Previously, the regulator had also released a report on financial scams, revealing that 15% of the French populationincluding 35% under the age of 35, fell victim to such scams last year.
Marie-Anne Barbat-Layani, President of the AMF, highlighted in the report that 2023 is a key year, as it marks the 20th anniversary of the regulator and sets out its strategic guidelines for the period 2023-2027.