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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.