The AMF and ACPR in France warn the public to beware of 15 newly detected websites offering unauthorized foreign exchange investment services. Furthermore, they discovered an illegal platform providing derivative products whose underlying include cryptocurrencies.
On Wednesday, both regulatory authorities warned the public to refrain from investing in unlicensed forex and crypto-assets derivatives being offered by multiple entities.
Unauthorized websites are; lions-broker.com, boursecapital.net, bitictrade.com, 24cryptoforextrading.net, 1market.com/fr, cryptoneyx.io, multibankfx.com, fr.finaguide.com, raisefx.com, and fr.puprime.net.
Other illegal platforms are; valutamarkets.com, t4trade.com, traderhouse.com, vestapros.com, and virtuscapital.world. By contrast, in its latest announcement, www.silveriz.fr is the unauthorized crypto-asset derivatives provider the France’s financial regulator identified.
Blacklisted Forex Sites Drop in 2022 per AMF, ACPR
This year, AMF and ACPR have recorded a dramatic decrease in the number of unauthorized forex sites blacklisted, dropping from 61 to 49 platforms – an impressive 30% reduction. Surprisingly enough, this drop came at the same time French retail investors experienced a massive 35% decline during Q3 of 2020.
This year, only two platforms offering crypto-asset derivatives have been flagged by the authorities, which marks an astounding 92% decrease from the 24 unauthorized websites identified in 2021. The French financial markets regulator encourages investors to ensure that their financial products and services providers are legally permitted to operate within France when commenting on these new updates.
The authorities encouraged citizens to comb through the authorized investment service providers and intermediary financial advisors’ or crowdfunding categories in its register.
The regulators warned the public to avoid those intermediaries not included in either of the two most recent lists. They stressed that they do not meet essential regulations regarding investor protection, information disclosure, and claims handling.