Two French financial market supervisors, the Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), issued a warning list on Tuesday, adding 20 unauthorized forex trading platforms.
The latest blacklisted trading platforms are altofx.com/en, europatradecapital.com/fr/, en.brokeragea.com, en.foxane.com, en.xpoken.com, honorfx.com/en, tntroyal.com, www.axeprogroup.com, www.businessempire.fr, www.finanbelt.com/fr, www.mergers-capital.com, www.primeonline.trade/fr, www.profundseu.com, www.shares2win.com, www.swiss29.com, www.swissmarketfx.com, www.tradehorizon2.com/en, www.trade-horizon.com/fr, www.union-wallet.com and www.xnvest.com.
Apart from unauthorized forex trading platforms, the list includes other illegal derivatives service providers including cryptocurrencies , which are illegally operating in the country.
The regulators did not identify any unauthorized crypto trading platforms in the second quarter of the ongoing year. However, it has added 28 forex trading platforms and one crypto trading platform to the blacklist since the beginning of 2022.
Hundreds of Blacklisted Platforms
The blacklist, which is available for the public to review, has added almost 300 unauthorized forex trading platforms in total and around 150 illegal crypto derivatives. In addition, it includes hundreds of illegal binary options platforms and unauthorized platforms offering other financial services.
However, the French regulator pointed out that new unauthorized and illegal financial service platforms often spawn new platforms, thus making its blacklist outdated. They advised traders to refer to the list of licensed platforms instead.
Meanwhile, other European regulators are actively monitoring the market to weed out unauthorized platforms. Recently, the Cypriot financial market regulator flagged seven names that are offering counterparty trading services, mostly with forex and cryptocurrencies.
