France’s Regulators Update Forex Warning List, Expose Admiral Markets Clone

The dual regulatory structure in France overseeing the local financial markets via the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) has once again warned the public of 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 websites not authorized to carry out business in its jurisdiction.

The regulators have added the following brands to its list of dubious firms:

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- www.admiralmarketsltd.com / Admiral Markets Global Solutions Ltd

- www.fm-fx.com / FM Marketing Ltd

- www.goprofinance.com / GoProBank

- www.trade-24.com / Trade24 Global Ltd

The AMF said that the full list of unauthorized sites is available on the regulator’s website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.

France’s watchdog has made several notable clampdowns of late against a number of fraudulent trading schemes, and in addition to the periodic warnings it announced back in January that all electronic advertisement of forex and binary options in France will be banned. However, ultimately the onus is on investors to exercise their due diligence before embarking on any activities, the AMF says.

A Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of Admiral Markets

The watchdog’s warning also unmasks another fraudulent entity, bringing to light a possible clone which pretends to be Admiral Markets.

Although not blatantly claiming to be regulated, it is clear from visiting the clone firm's website, www.admiralmarketsltd.com, that it is indeed attempting to mislead investors that it is offering a legal product through using the details of an authorised firm operating under the name Admiral Markets (UK) Ltd.

The original company is a well-established entity that has been serving its clients for several years and is licensed by the UK Financial Conduct Authority (FCA Register No. 595450) to offer a comprehensive set of financial services. Admiral Markets (UK) Ltd is also approved to provide cross border services across the EU / EEA under European passport rights.

Finally, the AMF recommends that traders seeking to invest in France do so only with financial institutions authorized to do business in the country. The AMF also warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against responding to offers from any broker on the published lists.

Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr, and a list of authorized intermediaries in additional investor advisor categories can be accessed on orias.fr/search.