Capital Markets Board of Turkey threatens to sue 32 forex websites - but some of them are not even operational

Capital Markets Board of Turkey, announced that they are going to file a criminal complaint for the 32 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, which are still active after 31 August 2011 after they have released communiqué. It's pretty much a safe bet that this is not actually going to end in lawsuits but serves as a warning for firms either to register with CMB or quit soliciting Turkish clients. Apparently some of these sites like tr.ac-markets.com or alpari-tr.com are not even operational.

CMB had declared that only the seven temporary license given firms can continue their FX and sales activity on the retail side. The companies and the websites that has been filed with CMB are :

1. forex-ufxbank.com/LPS/ForexPros-en,
2. global.fxdd.com,
3. instaforex.com,
4. https://www.markets.com/tr/,
5. tr.ac-markets.com,
6. tr.finotec.com,
7. turkish.etoro.com,
8. www.etoro.com,
9. www.forexcontrol.com,
10. www.forexsignalsturkey.com,
11. www.fxcmturkce.com,
12. www.fxflat.com,
13. www.hedefonline.com,
14. www.hfx.com,
15. www.hotforex.com,
16. www.ifcmarkets.com,
17. www.liteforex.org,
18. www.migbank.com,
19. www.plus500.com,
20. www.tradeviewforex.com,
21. www.trading212.com,
22. www.ufxbank.com/tr,
23. www.vantagefx.com,
24. www.xforex.com/tr,
25. www.youtradefx.com,
26. www.avafx.com/tr,
27. fxyatirim.com,
28. www.alpari-tr.com,
29. www.forexyard.com,
30. www.ozbeyfinans.com,
31. www.trading-point.com,
32. https://www.finexo.com

Through the Turkish Information Technology Organization, BTK, it is expected that first action is going to be blocking the websites, before any legal complaint to the companies. After the blocking of websites, CMB is going to apply its article : 47/1/A-4 in which states the procedure about acting illegaly on the Turkish Capital Markets.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report.