CRFIN Blacklists FX Fraudster, Trade Union: List Grows to 43 Firms

The Centre for Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in OTC Financial Instruments and Technologies (CRFIN), Russia’s self-regulatory body, has expanded its blacklist to include the services of FX provider, Trade Union, according to a CRFIN statement.

Last month, CRFIN blacklisted an Internet entity named PROM 24. The company claims on its website an outrageous rate of return on deposits made with the company. With the latest addition of Trade Union, CRFIN’s blacklisted group has swelled to forty-three different companies.

The blacklisted entity Trade Union operates under the domain name, https://trade-union.org/index.php, which prompted action from CRFIN for its guaranteed returns and other fraudulent activity. More specifically, this entails promises of an implausible investment plan, including:

• Guaranteed accrued income in the range of 1-6% over a period of 24 hours
• Fixed gains of 1% of the deposit on weekends
• The presence of significant bonuses to attract customers
• Promises of a 5% referral bonus
• Absence of assurance that client investment can be returned
• Lack of available licenses, information

The full blacklist by CRFIN can be accessed by clicking the following link.