French Regulators Blacklist 20 Unauthorized Forex Trading Platforms

Two French financial market supervisors, the Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), issued a warning list on Tuesday, adding 20 unauthorized forex trading platforms.

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The latest blacklisted trading platforms are altofx.com/en, europatradecapital.com/fr/, en.brokeragea.com, en.foxane.com, en.xpoken.com, honorfx.com/en, tntroyal.com, www.axeprogroup.com, www.businessempire.fr, www.finanbelt.com/fr, www.mergers-capital.com, www.primeonline.trade/fr, www.profundseu.com, www.shares2win.com, www.swiss29.com, www.swissmarketfx.com, www.tradehorizon2.com/en, www.trade-horizon.com/fr, www.union-wallet.com, and www.xnvest.com.

Apart from unauthorized forex trading platforms, the list also includes other illegal derivatives service providers including cryptocurrencies , which are illegally operating in the country.

The regulators did not identify any unauthorized crypto trading platforms in the second quarter of the ongoing year. However, it added 28 forex trading platforms and one crypto trading platform to the blacklist since the beginning of 2022.

Hundreds of Blacklisted Platforms

The blacklist, which is available to the public to review, adds almost 300 unauthorized forex trading platforms in total and around 150 illegal crypto derivatives. It also includes hundreds of illegal binary optionsplatforms and unauthorized platforms offering other financial services.

The French regulator, however, pointed out that new unauthorized and illegal financial service platforms often spawn, thus often making its blacklist outdated. They advised traders to refer to the list of licensed platforms instead.

Meanwhile, other European regulators are also actively monitoring the market to weed out unauthorized platforms. The Cypriot financial market regulator recently flagged seven namesthat are offering counterparty trading services, mostly with forex and cryptocurrencies.