50 Forex and Crypto Firms on This Regulator's 2024 Warning List: Is Your Broker There?

Wednesday, 10/07/2024 | 08:40 GMT by Damian Chmiel
  • French market watchdogs blacklisted 24 FX and 26 crypto trading platforms in H1 2024.
  • New scams are appearing so quickly that the regulator can't keep up with the warnings.
alert, warning

French financial watchdogs have added 50 new websites to their blacklist of unauthorized platforms offering forex and crypto-asset derivative investments this year, as part of ongoing efforts to protect investors from potential scams.

France Expands Blacklist of Unauthorized Forex and Crypto Platforms

The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) identified 24 unauthorized forex sites and 26 crypto-asset derivative platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.

Among the newly flagged 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 added over twenty new entites, the full list of which is available here.

“With the aim of protecting savers, the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Forex ) and in derivative products whose underlying asset is made up of crypto-assets, without being authorized to do so,” the AMF statement reads.

In the past, the warning list of the French regulator has also included more well-known brands, including popular cryptocurrency exchanges. In May, AMF warned about Bybit, the second-largest exchange in spot market trading, and a month earlier about the Bitget platform.

The regulators emphasized that their blacklists, while regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult official registers of authorized financial service providers maintained by French authorities.

The AMF and ACPR warned that unlisted entities might be operating illegally and failing to comply with investor protection standards, proper information disclosure, and complaint-handling procedures.

Growing Number of Scams in France

Last month's report indicates that the problem of cryptocurrency scams in France is escalating. The AMF's Ombudsman office released its annual report for 2023, noting an increase in crypto asset cases from the previous year. The number of disputes rose to 54, with 17 considered admissible, involving issues with stablecoins and practices where some market participants exploited “reverse solicitation” to bypass AMF registration.

Previously, the regulator also issued a report on financial scams, revealing that 15% of the French population, including 35% of those under 35, fell victim to such scams last year.

Marie-Anne Barbat-Layani, Chair of the AMF, highlighted in the report that 2023 was a foundational year, marking the regulator's 20th anniversary and setting strategic guidelines for the 2023–2027 period.

French financial watchdogs have added 50 new websites to their blacklist of unauthorized platforms offering forex and crypto-asset derivative investments this year, as part of ongoing efforts to protect investors from potential scams.

France Expands Blacklist of Unauthorized Forex and Crypto Platforms

The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) identified 24 unauthorized forex sites and 26 crypto-asset derivative platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.

Among the newly flagged 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 added over twenty new entites, the full list of which is available here.

“With the aim of protecting savers, the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Forex ) and in derivative products whose underlying asset is made up of crypto-assets, without being authorized to do so,” the AMF statement reads.

In the past, the warning list of the French regulator has also included more well-known brands, including popular cryptocurrency exchanges. In May, AMF warned about Bybit, the second-largest exchange in spot market trading, and a month earlier about the Bitget platform.

The regulators emphasized that their blacklists, while regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult official registers of authorized financial service providers maintained by French authorities.

The AMF and ACPR warned that unlisted entities might be operating illegally and failing to comply with investor protection standards, proper information disclosure, and complaint-handling procedures.

Growing Number of Scams in France

Last month's report indicates that the problem of cryptocurrency scams in France is escalating. The AMF's Ombudsman office released its annual report for 2023, noting an increase in crypto asset cases from the previous year. The number of disputes rose to 54, with 17 considered admissible, involving issues with stablecoins and practices where some market participants exploited “reverse solicitation” to bypass AMF registration.

Previously, the regulator also issued a report on financial scams, revealing that 15% of the French population, including 35% of those under 35, fell victim to such scams last year.

Marie-Anne Barbat-Layani, Chair of the AMF, highlighted in the report that 2023 was a foundational year, marking the regulator's 20th anniversary and setting strategic guidelines for the 2023–2027 period.

About the Author: Damian Chmiel
Damian Chmiel
  • 1588 Articles
  • 35 Followers
About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1588 Articles
  • 35 Followers

More from the Author

Retail FX

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}