Instatrade Corporation, aka Insta Forex, and Ztradefx LLC were two of the 14 firms sued by the CFTC early last year. Ever since most firms didn’t bother to settle with the CFTC but some did. Last week we saw that FXOpen settled the case with the CFTC paying $140,000 fine.
Without any official announcement the following information appeared on NFA’s website. Apparently both companies were sanctioned in the following way:
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
TRADING PROHIBITION 09/14/2011
- STOP SOLICITING 09/14/2011
- OTHER (SEE NARRATIVE) 09/14/2011
- PERMANENT INJUNCTION 09/14/2011
- MAY NOT APPLY TO REGISTER 09/14/2011
- FINE $140000 09/14/2011
- MAY NOT OPERATE AS PRINCIPAL 09/14/2011
This step probably took place because both companies didn’t settle and are not in the process of settling. There is no additional information available at this point. I’m awaiting clarifications from the NFA.