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Forex Regulation News Archive - Jul to Sep 2016


View below the most current forex regulation news from forex regulatory authorities around the world that was published between July and September 2016. This service provided for you by the staff at Best Online Forex Brokers, as we are constantly striving to provide you, our website visitors, with the most complete and up to date information on forex brokers and forex regulatory issues.

Plus500 Officially Announces Acquisition of Operating License in Israel

30 Sep 2016, Israel - Finance Magnates - After Finance Magnates first reported about the Israeli Security Authority (ISA) issuing a number of retail trading licenses for forex brokerages, Plus500 has officially made an announcement about its milestone. The Israeli operating subsidiary of the brokerage Plus500IL Ltd has been granted a license after a very lengthy period awaiting the decision of the regulator. Commenting on the announcement, Asaf . . .


FXCM and AvaTrade Among First Recipients of Israel Forex Broker License

29 Sep 2016, Israel - LeapRate - Israeli financial regulator the Israel Securities Authority (ISA) has issued a Dealers' license to five Retail Forex brokers, allowing them to formally begin taking on Israel-based traders. The licenses take effect as of October 31, 2016. New Israeli regulations took effect effect in July covering different aspects of online trading. The ISA has been taking aggressive moves lately to reform the way online (and . . .


Pepperstone Receives FCA License, Set to Expand in the UK

26 Sep 2016, London, UK - LeapRate - LeapRate has learned that ASIC regulated, Melbourne, Australia based retail forex broker Pepperstone is getting set to announce a major expansion in the UK and Europe. One of Australia's leading Retail Forex and CFD brokers, Pepperstone has already finalized the FCA license of its UK subsidiary, Pepperstone Limited. Pepperstone acquired what is now its UK subsidiary from online entrepreneur Mohammed Tayeb, who . . .


Trade24 Added to OSC's Warning List

26 Sep 2016, Ontario, Canada - SMN Weekly - Ontario's provincial regulator, the Ontario Securities Commission (OSC), has added the Trade24 forex broker to its warning list. According to the publication on OSC's website, Trade24, owned by Trade24 Global Ltd, with an address in London, is not registered in Ontario to engage in the business of trading in securities. OSC is the fourth regulator that warns against Trade24 since June when Belize's . . .


Italy's CONSOB Warns of SunbirdFX

26 Sep 2016, Italy - SMN Weekly - Italy's financial regulator CONSOB made its regular Monday update of unlicensed entities offering their services in the country by adding the forex broker SunbirdFX and the binary options trading platform provider Edgedale Finance. CONSOB lists the companies Spring Empire Solutions Ltd, with head office in London, Spring Strategies Ltd, with head office in Dominica and Sunbird International Limited, with head . . .


Netherlands to Ban Advertising of Forex and Binary Options

26 Sep 2016, Netherlands - SMN Weekly - It seems that Netherlands is following the steps of France and Belgium and is planning to ban the advertising of trading in binary options and some CFDs, which the local regulator Authority for the Financial Markets (AFM) has dubbed "toxic investment products for consumers". According to the publication on AFM's site, Dutch finance minister Jeroen Dijsselbloem said in parliament that consultations between . . .


SFC AML Concerns: Forex Brokers are Urged to Update Controls

22 Sep 2016, Hong Kong - AtoZ Forex - SFC AML concerns are raised, as the Enforcement Division of Hong Kong's Securities and Futures Commission executes an investigation around a number of licensees' anti-money laundering internal control systems. What is the next step? The Enforcement Division of Hong Kong's Securities and Futures Commission (SFC) has announced the fact of investigation around a number of cases of SFC-licensed brokerages with . . .


Belize IFSC Says TradeFXP is Showing Fake Securities License

20 Sep 2016, Belize - LeapRate - Belize financial regulator the International Financial Services Commission (IFSC) has issued a warning against retail forex broker TradeFXP, operating from website tradefxp.com. According to the IFSC, TradeFXP shows on its website that it is holds a securities license from the IFSC, which apparently it does not. According to the IFSC, what is being displayed by TradeFXP (see below) is a forgery.


CFTC Fines Russian Banking Giant VTB $5 Million for Fictitious FX Trades

20 Sep 2016, Washington, DC, USA - CFTC - The U. S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against banking institutions JSC VTB Bank (VTB), headquartered in St. Petersburg, Russia, and VTB Capital PLC (VTB Capital) for executing fictitious and noncompetitive block trades in Russian Ruble/U. S. Dollar (RUB/USD) futures contracts, which were cleared through the Chicago . . .


KROUFR Plans to Blacklist Forex Brokers TurboForex and Trade 12 over Fund Withdrawal Issues

15 Sep 2016, Russia - SMN Weekly - Russia's commission for the regulation of relations on financial markets KROUFR is preparing to blacklist seven forex and binary options brokers operating on the Russian market, for hindering clients from withdrawing their funds. According to the August report of KROUFR, the total number of complaints against forex and binaries brokers was 17. Of them 13 were for the aforementioned problems. Two of the violators . . .


eToro Gives Up on Regulation in its Motherland Israel

15 Sep 2016, Israel - Finance Magnates - The Israeli Security Authority has succeeded in driving away another firm from the local retail trading market. Israel-headquartered social trading network eToro has become the latest firm to have withdrawn from the local market as it canceled its application for a Israeli Security Authority (ISA) Trading Arena licence, according the regulators.


Financial Commission Announces Juno Markets as Latest Approved Member

13 Sep 2016, Hong Kong - Financial Commission Press Release - Leading external dispute resolution (EDR) organization, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces Juno Markets as its newest member. Juno Markets' status as an official member of the Financial Commission took effect on September 8th, 2016, after the approval of its application by FinaCom PLC's board which . . .


CySEC Grants License to Australian Forex Broker Royal Financial Trading

13 Sep 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) continues with the publication of its board decisions granting Cyprus investment licenses to new forex brokers by adding Royal Financial Trading to the list. The decision was taken in August and permits the company to provide investment services such as reception and transmission of orders in relation to one or more financial instruments, execution . . .


SFC Warning against Trading Banks

12 Sep 2016, Hong Kong - AtoZ Forex - Trading Banks, the Forex and CFDs service provider, is blacklisted by another regulator. As SFC warning against Trading Banks published this morning, we reach out to the firm's officials. Why was Trading Banks red flagged? Trading Banks operates online via the website http://www.tradingbanks.com. The company claims on its website that:"Trading Banks is a brand owned and operated by ST World Trade Inc. , a . . .


Exness Announces FCA License and Launches Plans to Expand in Europe

6 Sep 2016, London, UK - EXNESS News - Leading forex broker Exness is pleased to announce that its UK entity, Exness Europe Limited, has received regulatory approval from the Financial Conduct Authority (FCA), under Register number 730729. With its newly acquired FCA license, Exness, an international broker whose main client base is currently in Asia, the Middle East, and Africa, is set on expanding its global reach in Europe. "This . . .


24FX and 24option Denied Russian Forex License by the Bank of Russia

2 Sep 2016, Moscow, Russia - LeapRate - LeapRate has learned that Retail Forex and Binary Options brokerage group Rodeler Limited has been rejected for a professional securities market participant license by the Bank of Russia. The license, had it been granted, would have allowed Rodeler to operate a retail forex dealer in Russian, serving Russian clients. Rodeler Limited, based in Cyprus and operated out of Israel, owns and operates the 24option . . .


VTB 24 Forex becomes Fourth Broker to Receive a Bank of Russia Forex License

2 Sep 2016, Moscow, Russia - LeapRate - Russian banking giant VTB Group has become the fourth company to receive a license from the Bank of Russia to operate a retail forex brokerage serving Russian traders. The Bank of Russia has announced that it has issued a professional securities market participant license to VTB subsidiary VTB 24 Forex, effective September 1. VTB is the second largest bank in Russia, after Sberbank. We had reported back in . . .


SkyFX and Capital Option Shut Down, CySEC Appoints Liquidator

2 Sep 2016, Limassol, Cyprus - LeapRate - LeapRate has learned that Cyprus financial regulator CySEC has arranged for the appointment of a provisional liquidator for Trademarker (Cyprus) Ltd. Trademarker was an Israel-owned and operated CySEC-regulated brokerage group, which operated a number of Retail Forex and Binary Options brokerage brands, primarily SkyFX (at skyfx.com) and Capital Option (at capitaloption.com). CySEC had suspended . . .


ASIC Cancels IMS FX Services Pty's Australian Financial Services Licence

1 Sep 2016, Sydney, Australia - ASIC Media Release - The Administrative Appeals Tribunal (AAT) has rejected an application from IMS FX Services Pty Ltd (IMS FX) that sought confidentiality orders and an interim order that prevented ASIC from amending the public Australian financial services (AFS) licence register to record that ASIC had cancelled IMS FX's AFS licence. The interlocutory application was made pending an AAT appeal to . . .


ASIC Four Year Plan Reveals New Surveillance Study of Forex, CFD and Binary Options Providers

31 Aug 2016, Sydney, Australia - LeapRate - Not many institutions, corporate or government, come out with serious multi-year plans. However Australia financial regulator ASIC has done just that. With increased government funding in tow, ASIC has come out with a fairly ambitious multi-year plan aimed at further reforming the Australian financial scene. Specifically, ASIC plans to use the additional funding support announced by the government over . . .


Social Trading Broker TG Traderglobal gets CySEC License

30 Aug 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) said on Tuesday it has granted a Cypriot investment firm (CIF) license to TG Traderglobal Ltd. , a forex social trading platform operator. The license was obtained on 5 August, 2016, as is currently not activated. CySEC licenses are initially non-active, which means that licensees are not allowed to provide the services for which they have received it.


UK's FCA Warns against Unauthorized Brokers ECN Markets and CMS Trader

29 Aug 2016, London, UK - SMN Weekly - The UK Financial Conduct Authority (FCA) issued during the weekend warning alerts against IBL Markets, a clone company of genuine forex broker Interactive Brokers UK, as well as against unauthorized forex brokerages ECN Markets and CMS Trader. ECN Markets, www.ecn-markets.com, and CMS Trader, www.cmstrader.com, both target UK citizens without being authorized. Under the local regulation, forex trading . . .


FCA UK: Trade-24 Operates Unauthorized, Could be Scam

24 Aug 2016, London, UK - SMN Weekly - The UK Financial Conduct Authority (FCA) issued on Wednesday a warning against forex broker Trade-24, calling it a possible fraud. The broker has been providing forex trading services in the UK without having the required authorization. In the UK, financian companies are forbidden to provide services unless they have the proper license issued by the local regulators or the relevant authorities in any other . . .


FXCM Admits Capital Shortfall, Denies other CFTC Accusations

22 Aug 2016, Washington, DC, USA - SMN Weekly - Forex Capital Markets (FXCM), US' leading forex broker, denied the accusations of the US Commodity Futures Trading Commission (CFTC) that it had failed to timely report undercapitalization violation and that it had guaranteed against customer losses at the time of the crisis in January 2015 resulted from the unpegging of the Swiss franc (CHF) from the Euro (EUR). On Friday, the CFTC issues a . . .


HotForex Fined 105,000 Euros by CySec for Multiple Violations

19 Aug 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission (the 'CySEC') wishes to inform investors that, at its meeting held on January 18, 2016, decided to impose a total administrative fine of 105. 000 to the CIF HF Markets (Europe) Ltd ('the Company') for noncompliance with the following legislation: the Investment Services and Activities and Regulated . . .


Financial Commission Announces MaxiMarkets and Umarkets as Latest Approved Members

18 Aug 2016, Hong Kong - Financial Commission Press Release - Financial Commission, a leading external dispute resolution (EDR) organization that caters to the financial services industry, operated by FinaCom PLC, today announces MaxiMarkets and Umarkets as its newest members. Financial Commission provides customers of member brokerages with a neutral 3rd party mediation platform to help resolve complaints in cases when they are . . .


CFTC Charges Forex Capital Markets, LLC with Undercapitalization, Failing to Timely Report Undercapitalization, and Guaranteeing against Customer Losses

18 Aug 2016, Washington, DC, USA - CFTC - The U. S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U. S. District Court for the Southern District of New York against Forex Capital Markets, LLC (FXCM), charging FXCM with undercapitalization, failure to timely report its undercapitalization violation, and guaranteeing against customer losses. FXCM, with headquarters in New York, New York, is registered with . . .


Mauritius' FSC Warns Algo Banque is not Licensed as it Claims

15 Aug 2016, Mauritius - SMN Weekly - Algo Banque Ltd. , an automated forex broker, falsely claims to be regulated by the Financial Services Commission (FSC) of Mauritius, the watchdog said in a notice on Friday. The entity claims it was licensed by the FSC in 2014 as an investment dealer (full services excluding underwriting), but it has never held a license issued by the Mauritius regulator. The FSC noted that no entity under the name of Algo . . .


Belgian Authorities Ban Leveraged CFDs and Spot FX, along with All Binary Options Products

13 Aug 2016, Brussels, Belgium - FinanceFeeds News - The Belgian government has passed legislation, due to be effected August 18 to ban all leveraged OTC derivatives, all binary options, and the sales method by which they are distributed, considering them to be "highly risky", often not connected to the real economy and demonstrating a disdain for high pressure sales. Outcome: No more retail electronic trading in Belgium. As of August 18, 2016, . . .


CySEC Suspends License of Best Choice FBC Ltd (BCFX)

9 Aug 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission announces that, following a decision at the meeting dated 25 July 2016, the authorisation of the Cyprus Investment Firm Best Choice FBC Ltd, with number 234/14, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), as there are suspicions . . .


eToro gets Forex Broker License from Belize's IFSC

9 Aug 2016, Belize - SMN Weekly - The financial regulatory body of Belize, the International Financial Services Commission (IFSC), has granted license to forex brokerage eToro Capital Ltd. , data from the regulator's website indicated. The Belize-based company is part of the eToro group. eToro is a multi-asset broker and a social trading network. It offers trading in forex, contracts for difference (CFDs) on stocks, indices, commodities, and . . .



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More Forex Regulation News

Alpari Reapplies for Russian Forex License

8 Aug 2016, Moscow, Russia - SMN Weekly - Alpari, the largest broker in Russia in 2015, has reapplied for a forex license from the Bank of Russia, which serves as a financial regulator and issues the licenses, reports the . . .


FXTM Gains License from FSB in South Africa as Global Expansion Continues

2 Aug 2016, Pretoria, South Africa - FinanceFeeds Press Release - Today, Cyprus based retail FX brokerage owned by Andrey Dashin has announced that it has received a license from the Financial Services Board (FSB) in . . .


France to Ban Advertising of Forex and Binary Options

1 Aug 2016, France - SMN Weekly - Just hours after it banned 24Option from France and months after it called for a ban on advertising of forex and binary options products, the national regulator AMF, announced that it is . . .


UK FCA Highlights Steps Companies Need to Take to Fix FX Fixings Damage

28 Jul 2016, London, UK - Finance Magnates - The United Kingdom's Financial Conduct Authority (FCA) has embarked on a reinforcing effort to remind firms about the damage to the foreign exchange industry caused by . . .


InstaForex Awaits Clarification on Denied Russian Forex License, will Reapply

27 Jul 2016, Moscow, Russia - SMN Weekly - InstaForex, a forex broker operating in Central and Eastern Europe and Asia, announced it is expecting further clarification from the Bank of Russia regarding its decision to deny . . .


ESMA Warns Retail Investors of Cyprus-Based Forex and Binary Options Brokers

25 Jul 2016, Paris, France - Finance Magnates - ESMA has issued a warning about the sale of speculative products in order to highlight their associated risks. ESMA, the Paris-based European Securities and Markets Authority, . . .


Alpari Withdraws License Application from Malta, will Seek Alternative European Jurisdiction

25 Jul 2016, Malta - SMN Weekly - Russia's largest forex broker, Alpari, decided to withdraw its license application in Malta and is pursuing different options. In a statement to online media Finance Magnates, the company . . .


Bank of Russia Denies License to InstaForex

22 Jul 2016, Moscow, Russia - SMN Weekly - Russia's financial regulator, the Bank of Russia, announced it has decided to deny a license for a forex broker and professional participant on the securities market to the forex . . .


Independent Report Criticizes FCA on Post-Crisis Softness

21 Jul 2016, London, UK - Finance Magnates - The commissioner overseeing complaints against the FCA calls out the UK financial regulator for being too defensive. According to the findings from a recent study conducted by a . . .


Kenya CMA Introduces Forex Brokers Licensing Requirements

19 Jul 2016, Kenya - AtoZ Forex - Just today, the African country of Kenya's financial regulator Capital Markets Authority (CMA), has published the draft of "Capital Markets Licensing Requirements". This draft is going to be . . .


Russia's CRFIN, now NAFD, Admits VTB24 Forex

18 Jul 2016, Russia - SMN Weekly - Russia's self-regulatory organization (SRO) for over-the-counter (OTC) financial instruments CRFIN has announced it has admitted as a member the VTB24 Forex a forex brokering subsidiary of . . .


Russia's Self Regulatory Association CRFIN Rebrands as NAFD

18 Jul 2016, Russia - LeapRate - The CRFIN has announced its new association name, the National Association of Forex dealers (NAFD), during the General Meeting of the Association Members held on Friday. The association has . . .


Belize's IFSC Grants Licenses to HeartForex, FX88, and TahoeFX

15 Jul 2016, Belize City, Belize - SMN Weekly - Belize's International Financial Services Commission (IFSC) has granted licenses to three new forex brokers HeartForex, FX88 and TahoeFX, shows the list of licensed service . . .


Forex Club's Belarusian Unit Passes BCSE's Requirements for Forex Trading Software

14 Jul 2016, Belarus - SMN Weekly - The Belarusian Currency Stock Exchange (BCSE) said on Thursday it has approved the financial software for forex trading on the over-the-counter (OTC) market used by Financial Company Forex . . .


MyFXBook CySEC License Renounced

12 Jul 2016, Nicosia, Cyprus - AtoZ Forex - The Cyprus Securities and Exchange Commission (CySEC) states its mission as effectively supervising a healthy development of the financial market and investor protection in Cyprus.


The National Bank of Belarus Includes Alpari in its List of Registered Forex Companies

12 Jul 2016, Minsk, Belarus - PRNewsWire - The National Bank of the Republic of Belarus included Alpari Eurasia Ltd. in its list of registered Forex companies. As such, clients of this company - a part of the . . .


Russia's KROUFR Blacklists Forex Broker KSF Trade

11 Jul 2016, Russia - SMN Weekly - Russia's commission for the regulation of relations on financial markets KROUFR added on Friday forex broker KSF Trade after receiving complaints against the entity, the commission said in a notice.


New Zealand's FMA Warns Zlato Capital (ZCFX) is not Registered as Forex Broker

8 Jul 2016, Auckland, New Zealand - SMN Weekly - New Zealand's Financial Markets Authority (FMA) warned on Friday that forex broker Zlato Capital, doing business as ZCFX, falsely claims to be regulated and licensed by it. The . . .


FCA Looks to Implement Crowdfunding Rules as Activity Approaches 3 Billion Pounds

8 Jul 2016, London, UK - Finance Magnates - The Financial Conduct Authority (FCA) is seeking input on which areas should be considered as part of its upcoming review of the rules surrounding both investment-based and . . .


British Virgin Islands' FSC Issues Advisory Warning Against FXGlory

6 Jul 2016, Tortola, British Virgin Islands - BVI Financial Services Commission - The British Virgin Islands Financial Services Commission ("FSC") has been made aware that an entity calling itself FXGlory Ltd. , has been . . .


ASIC Goes After Over 40 Unlicensed Brokers, 30 Cooperate, Including Blackwell Global and 24FX

6 Jul 2016, Australia - ASIC Media Release - ASIC has warned of a dramatic increase in the extent of unlicensed conduct by retail OTC derivative providers seeking to expand their market with new customers for their . . .


NFA Charges U.S. Introducing Broker Avail Trading Corp in Latest Complaint

4 Jul 2016, Chicago, IL, USA - Finance Magnates - In addition to Avail Trading Corp, the NFA separately charged Vincent Capital Group LLC. California-based Introducing Broker (IB) Avail Trading Corp. has been issued a . . .


XTrade to Change Client Money Practices Following ASIC Surveillance

1 Jul 2016, Sydney, Australia - ASIC Media Release - As a result of ASIC's intervention, licensed retail OTC derivatives issuer XTrade. au Pty Ltd (AFSL No. 343628) (XTrade), formerly O. C. M. Online Capital Markets Pty . . .