The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) have released a statement warning traders living in France of five online forex trading firms that have been approaching clients without the necessary license.
The list compiled by the French regulatory authorities is comprised of the brands MT4 Invest, X90, GSS Financial, Boom Forex, and PROMFX. These companies have not been authorized to offer forex trading services in France, and do not appear as registered on the websites of the AMF or the Insurance Bank Epargne Info Service.
Risk Management for Businesses in Today’s WorldGo to article >>
The AMF noted that its warning lists are updated regularly as new unauthorized brokerages are added.
The AMF further warned that if an individual or firms fail to appear on the aforementioned lists of registered firms, traders and investors should not register or trade with them as they are acting in violation of French law.
France has been waging war on the marketing practices of online trading companies for about a year now, though it has not banned trading operations themselves. The country has been strict with its banning and blacklisting of binary options and forex brokerages, and reversing such decisions is almost impossible.