Spain’s CNMV Warns Against Bforex, MXTrade and TitanTrade

This is not the first time that TitanTrade has sparked regulatory concerns.

The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, warned investors against being offered products and services from three unregistered companies that are illegally conducting financial services targeting the country’s residents.

The financial watchdog today updated its warning list by blacklisting Bforex Holding Group, the operator of the Bforex, FXGM, and numerous other forex brokerage brands. The Spanish regulator has banned its Bforex brand which is currently operating through the website www.bforex.com.

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In the CNMV’s statement today, the watchdog pointed out that MXTrade is also not authorised to provide the investment services detailed in the Securities Markets Law.

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MXTrade is a brand owned and operated by a Malta registered company called Grizzly Limited. The brokerage has an internet presence at www.mxtrade.com and describes itself as one of the leading forex brokers, offering a range of trading services including forex, metal trading and CFDs.

Regulatory precedents

TitanTrade, which operates through the SpotOption platform, was also added to the Spanish regulator’s blacklist. A brief review of the binary options broker’s website reveals that Titantrade lists its head office address in Belize, and in the ‘Contact Us’ section it makes reference to ‎other global contacts including the United Kingdom, Russia, Australia, South Africa and Spain. ‎

This is not the first time that TitanTrade has sparked regulatory concerns. Earlier in 2016, Italian financial watchdog CONSOB red-flagged the binary options broker. Moreover, the Ontario Securities Commission (OSC) issued a warning that TitanTrade is not authorised, and the same action was taken by France’s financial market regulator (AMF) in September 2015 when it included TitanTrade in its periodically updated list of unregulated binary options providers. In the same month, the US Commodity Futures Trading Commission’s (CFTC) included TitanTrade in its RED List.

With complaints from clients still pouring in, ASIC decided back in July to take legal action against TitanTrade in the Federal Court to restrain its operators from carrying on a financial services business whilst unlicensed. The court made orders prohibiting the operators of the website and other associated persons and entities from issuing financial products, including binary options trading, advertising or promoting its products, and operating the website in Australia.

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