Dutch Regulator AFM Fines FPlus Trading for False Claims

The Authority for the Financial Markets (AFM) in the Netherlands, announced this Wednesday that it has fined FPlus Trading Ltd. for wrongfully claiming that it is authorized by the Dutch regulator on its website.

Via its website, https://fplus.ai, FPlus Trading falsely states that it trades with an AFM license, the statement said. However, as highlighted by the watchdog, this is untrue and is, therefore, a breach of the Consumer Protection (Enforcement) Act.

Furthermore, the entity also lists a specific license number, which has been copied from a legitimate and registered firm with the AFM, further misleading residents of the Netherlands.

As a result, on February 12 of this year, the Dutch agency imposed an order for incremental penalty Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on the company. This is an instrument which is used to order a company or person to cease performing a certain act. If the order is not complied with in a certain amount of days, a specified amount of money must be paid.

According to the statement, FPlus Trading, which claims to be a foreign exchange (forex), cryptocurrency and commodity Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, had five days to comply with the order. However, it did not make the appropriate changes in time.

As outlined by the regulator: “The penalty amounts to €5,000 for each calendar day FPlus Trading fails to comply, subject to a maximum of €50,000. FPlus Trading failed to comply with the order (in time) and must therefore pay a penalty.”

FPlus Trading Owes AFM €50,000

Taking a look at the company’s website, it still falsely claims to be regulated by the AFM. Therefore, as of today, the entity owes the AFM €50,000, assuming weekends are included.

The AFM is the regulatory authority for financial services for the Netherlands. The role of the regulator is similar to that of the Securities and Exchange Commission (SEC) in the US or the Financial Conduct Authority (FCA) in the UK.